https://www.taxtmi.com/caselaws?id=434212 A demand raised under an income-tax assessment was challenged on the basis that share capital issued against transfer of leasehold rights was wrongly treated as unexplained income under section 68. The assessee contended that the transaction of acquiring leasehold rights and issuing shares was not disputed, and that no unexplained cash credit had been found. The High Court noted that the assessment order and demand appeared prima facie unsustainable on the record before it and that the assessee's objection to the assessment being ex facie erroneous had not been properly addressed. The demand was stayed until the next hearing. en-us Wed, 04 Jan 2023 00:00:00 +0530 Sun, 19 Feb 2023 02:49:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434212 A demand raised under an income-tax assessment was challenged on the basis that share capital issued against transfer of leasehold rights was wrongly treated as unexplained income under section 68. The assessee contended that the transaction of acquiring leasehold rights and issuing shares was not disputed, and that no unexplained cash credit had been found. The High Court noted that the assessment order and demand appeared prima facie unsustainable on the record before it and that the assessee's objection to the assessment being ex facie erroneous had not been properly addressed. The demand was stayed until the next hearing. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434212