https://www.taxtmi.com/caselaws?id=403486 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 2,37,50,000/- as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found that the assessee had established the identity and creditworthiness of the creditors and the genuineness of the transactions, while the Assessing Officer failed to provide valid reasons for questioning the share premium. Previous decisions supported that no addition could be made solely based on share premium, leading to the deletion of the addition in this case. en-us Wed, 27 Jan 2021 00:00:00 +0530 Sat, 30 Jan 2021 07:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403486 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 2,37,50,000/- as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found that the assessee had established the identity and creditworthiness of the creditors and the genuineness of the transactions, while the Assessing Officer failed to provide valid reasons for questioning the share premium. Previous decisions supported that no addition could be made solely based on share premium, leading to the deletion of the addition in this case. Case-Laws Income Tax Wed, 27 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403486