https://www.taxtmi.com/caselaws?id=294191 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order that Section 68 of the Income Tax Act, 1961 was not applicable as no cash transactions occurred in the case where share capital was raised through swapping shares. The Tribunal found the transactions genuine, with sufficient evidence proving the identity and creditworthiness of subscribers. Additionally, the validity of raising share capital at a high premium was justified based on agreements and valuations. The appeal was dismissed, affirming the legitimacy of the transactions, and the order was pronounced on 28.08.2019. en-us Wed, 28 Aug 2019 00:00:00 +0530 Fri, 26 Mar 2021 08:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294191 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order that Section 68 of the Income Tax Act, 1961 was not applicable as no cash transactions occurred in the case where share capital was raised through swapping shares. The Tribunal found the transactions genuine, with sufficient evidence proving the identity and creditworthiness of subscribers. Additionally, the validity of raising share capital at a high premium was justified based on agreements and valuations. The appeal was dismissed, affirming the legitimacy of the transactions, and the order was pronounced on 28.08.2019. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294191