https://www.taxtmi.com/caselaws?id=424000 The Tribunal dismissed the revenue's appeal regarding the addition under Section 68 of the Income Tax Act for unexplained share capital and share premium, holding that the conversion of liabilities into share capital without actual cash involvement did not constitute unexplained cash credits. The Tribunal allowed the Assessee's appeal concerning the disallowance of business expenses, directing the Assessing Officer to reassess the genuineness of the expenses. The order was pronounced in open court on 15/06/2022. en-us Wed, 15 Jun 2022 00:00:00 +0530 Mon, 20 Jun 2022 08:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424000 The Tribunal dismissed the revenue's appeal regarding the addition under Section 68 of the Income Tax Act for unexplained share capital and share premium, holding that the conversion of liabilities into share capital without actual cash involvement did not constitute unexplained cash credits. The Tribunal allowed the Assessee's appeal concerning the disallowance of business expenses, directing the Assessing Officer to reassess the genuineness of the expenses. The order was pronounced in open court on 15/06/2022. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424000