https://www.taxtmi.com/caselaws?id=412914 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of share application money under section 68 of the Income Tax Act, citing lack of fresh cash credits and verified accounts. Additionally, the Tribunal supported the transfer of trade creditors to partners' capital accounts for better bank loan facilities, emphasizing the need for creditor consent under section 41(1) of the Act. The Tribunal dismissed the revenue's appeal, emphasizing no cash inflow, ethical concerns, and the importance of creditor consent for tax implications. en-us Fri, 24 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 09:20:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412914 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of share application money under section 68 of the Income Tax Act, citing lack of fresh cash credits and verified accounts. Additionally, the Tribunal supported the transfer of trade creditors to partners' capital accounts for better bank loan facilities, emphasizing the need for creditor consent under section 41(1) of the Act. The Tribunal dismissed the revenue's appeal, emphasizing no cash inflow, ethical concerns, and the importance of creditor consent for tax implications. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412914