https://www.taxtmi.com/caselaws?id=413671 The Tribunal held that funds received by the assessee company, initially intended as share capital but later treated as a gift due to non-compliance with FEMA guidelines, could not be taxed as income. The Tribunal found that the funds did not constitute business income and were not received for consideration of shares. Relying on judicial precedents, the Tribunal allowed the appeal in favor of the assessee, ruling that the receipt of Rs. 3,46,33,388/- should not be taxed as income under the Income Tax Act. en-us Mon, 30 Aug 2021 00:00:00 +0530 Sun, 17 Oct 2021 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413671 The Tribunal held that funds received by the assessee company, initially intended as share capital but later treated as a gift due to non-compliance with FEMA guidelines, could not be taxed as income. The Tribunal found that the funds did not constitute business income and were not received for consideration of shares. Relying on judicial precedents, the Tribunal allowed the appeal in favor of the assessee, ruling that the receipt of Rs. 3,46,33,388/- should not be taxed as income under the Income Tax Act. Case-Laws Income Tax Mon, 30 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413671