https://www.taxtmi.com/caselaws?id=438606 The Tribunal upheld the deletion of additions made under sections 68, 41(1), and Rs.6,06,14,962 of the Act. The Assessing Officer's additions were overturned as the Tribunal found that the share capital was converted from unsecured loans, the liabilities to suppliers/creditors were continuous, and opening balances cannot be added in the assessment of the current year. The Tribunal dismissed the appeal of the Revenue and the Cross Objection by the assessee, affirming the deletions of the additions under the respective sections of the Act. en-us Thu, 01 Jun 2023 00:00:00 +0530 Mon, 05 Jun 2023 08:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438606 The Tribunal upheld the deletion of additions made under sections 68, 41(1), and Rs.6,06,14,962 of the Act. The Assessing Officer's additions were overturned as the Tribunal found that the share capital was converted from unsecured loans, the liabilities to suppliers/creditors were continuous, and opening balances cannot be added in the assessment of the current year. The Tribunal dismissed the appeal of the Revenue and the Cross Objection by the assessee, affirming the deletions of the additions under the respective sections of the Act. Case-Laws Income Tax Thu, 01 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438606