https://www.taxtmi.com/caselaws?id=418278 The Court upheld the Tribunal's decision affirming the order of the CIT(A), dismissing the revenue's appeal. The judgment clarified the application of Section 68 and Section 69 of the Income Tax Act, 1961, emphasizing that the addition was made under Section 69 for unexplained investment in share capital. Regarding taxability post-amalgamation, the Court ruled that the remission/cessation of trading liability post-amalgamation could not be taxed in the hands of the assessee company. The appeal was dismissed, and the application for stay was denied. en-us Mon, 07 Feb 2022 00:00:00 +0530 Sat, 12 Feb 2022 21:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418278 The Court upheld the Tribunal's decision affirming the order of the CIT(A), dismissing the revenue's appeal. The judgment clarified the application of Section 68 and Section 69 of the Income Tax Act, 1961, emphasizing that the addition was made under Section 69 for unexplained investment in share capital. Regarding taxability post-amalgamation, the Court ruled that the remission/cessation of trading liability post-amalgamation could not be taxed in the hands of the assessee company. The appeal was dismissed, and the application for stay was denied. Case-Laws Income Tax Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418278