https://www.taxtmi.com/caselaws?id=405730 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 6,75,00,000/- under Section 68 of the Income Tax Act, finding that the share capital and premium received did not constitute cash credits. However, the issue of Rs. 8,50,000/- addition was remanded back to the AO for further examination due to lack of detailed reasoning in the initial assessment. The ITAT emphasized that Section 68 applies to actual cash credits and not to transactions involving the exchange of shares without cash consideration, supported by relevant case law precedents. en-us Wed, 24 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 21:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405730 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 6,75,00,000/- under Section 68 of the Income Tax Act, finding that the share capital and premium received did not constitute cash credits. However, the issue of Rs. 8,50,000/- addition was remanded back to the AO for further examination due to lack of detailed reasoning in the initial assessment. The ITAT emphasized that Section 68 applies to actual cash credits and not to transactions involving the exchange of shares without cash consideration, supported by relevant case law precedents. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405730