https://www.taxtmi.com/caselaws?id=433148 The Tribunal allowed the Revenue's appeal, holding that Section 68 of the Income Tax Act applied as the transactions lacked genuineness and creditworthiness. The Tribunal found the share capital and premium transactions to be scandalous, involving round-tripping to artificially inflate reserves. Consequently, the Tribunal reversed the CIT(A)'s decision, restoring the addition made by the Assessing Officer. en-us Wed, 18 Jan 2023 00:00:00 +0530 Mon, 23 Jan 2023 08:43:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433148 The Tribunal allowed the Revenue's appeal, holding that Section 68 of the Income Tax Act applied as the transactions lacked genuineness and creditworthiness. The Tribunal found the share capital and premium transactions to be scandalous, involving round-tripping to artificially inflate reserves. Consequently, the Tribunal reversed the CIT(A)'s decision, restoring the addition made by the Assessing Officer. Case-Laws Income Tax Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433148