https://www.taxtmi.com/caselaws?id=412045 The Tribunal dismissed the Revenue's appeal, confirming that forfeited share application money is a capital receipt not taxable under the Income Tax Act. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,00,00,000/- made by the Assessing Officer, emphasizing that the transactions were legitimate and followed proper procedures as per the Companies Act and Articles of Association. The Tribunal found no fault in the CIT(A)'s analysis and conclusions, ultimately ruling in favor of the assessee. en-us Tue, 31 Aug 2021 00:00:00 +0530 Thu, 09 Sep 2021 08:18:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412045 The Tribunal dismissed the Revenue's appeal, confirming that forfeited share application money is a capital receipt not taxable under the Income Tax Act. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,00,00,000/- made by the Assessing Officer, emphasizing that the transactions were legitimate and followed proper procedures as per the Companies Act and Articles of Association. The Tribunal found no fault in the CIT(A)'s analysis and conclusions, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412045