https://www.taxtmi.com/caselaws?id=428977 The tribunal upheld the addition under section 68 of the Income Tax Act for unexplained cash credit, as the assessee failed to provide sufficient evidence to support the legitimacy of the share premium received. Despite the assessee's argument that share premium should not be treated as income, the tribunal found that the lack of explanation regarding the source of the cash credits indicated potential routing of unaccounted income. The tribunal dismissed the appeal, confirming the Commissioner's decision on the addition under section 68. en-us Mon, 10 Oct 2022 00:00:00 +0530 Sat, 15 Oct 2022 09:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428977 The tribunal upheld the addition under section 68 of the Income Tax Act for unexplained cash credit, as the assessee failed to provide sufficient evidence to support the legitimacy of the share premium received. Despite the assessee's argument that share premium should not be treated as income, the tribunal found that the lack of explanation regarding the source of the cash credits indicated potential routing of unaccounted income. The tribunal dismissed the appeal, confirming the Commissioner's decision on the addition under section 68. Case-Laws Income Tax Mon, 10 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428977