https://www.taxtmi.com/caselaws?id=438559 The court found the reopening of the assessment invalid due to inadequate reasons recorded. The addition under Section 68 was deemed unjustified as the share premium received was considered a capital receipt. The court concluded that the appellant had fulfilled all conditions to prove the credit, rendering Section 68 inapplicable. The share premium received was not considered real income, leading to the appeal being allowed in favor of the assessee. en-us Wed, 19 Apr 2023 00:00:00 +0530 Sat, 03 Jun 2023 08:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438559 The court found the reopening of the assessment invalid due to inadequate reasons recorded. The addition under Section 68 was deemed unjustified as the share premium received was considered a capital receipt. The court concluded that the appellant had fulfilled all conditions to prove the credit, rendering Section 68 inapplicable. The share premium received was not considered real income, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438559