https://www.taxtmi.com/caselaws?id=412750 Where the promoter had already been assessed on the disclosed amount, a fresh addition of the same share capital in the company's hands under section 68 was impermissible because the credit entry was directly linked to that disclosure and taxing it again would amount to double taxation. Refunds of booking advances were also held not to be unexplained cash credits, as the amounts were reflected in the cash book, supported by purchaser confirmations, and the remand proceedings produced no effective rebuttal. In the absence of contrary evidence, technical objections about the refund particulars could not sustain the addition. en-us Thu, 23 Sep 2021 00:00:00 +0530 Sat, 25 Sep 2021 09:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412750 Where the promoter had already been assessed on the disclosed amount, a fresh addition of the same share capital in the company's hands under section 68 was impermissible because the credit entry was directly linked to that disclosure and taxing it again would amount to double taxation. Refunds of booking advances were also held not to be unexplained cash credits, as the amounts were reflected in the cash book, supported by purchaser confirmations, and the remand proceedings produced no effective rebuttal. In the absence of contrary evidence, technical objections about the refund particulars could not sustain the addition. Case-Laws Income Tax Thu, 23 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412750