https://www.taxtmi.com/caselaws?id=447960 ITAT Kolkata dismissed revenue's appeal regarding unexplained cash credit under Section 68. Despite assessee's non-appearance before AO and non-compliance with summons under Section 131, CIT(A) allowed assessee's appeal finding all Section 68 ingredients satisfied through analysis of subscriber credentials and financial data. ITAT upheld CIT(A)'s reasoned decision noting subscribers provided required details/evidence in compliance with summons, establishing identity, creditworthiness and transaction genuineness. Court confirmed no bar on issuing shares above FMV as Section 56(2)(viib) provisions effective from AY 2013-14 onwards. en-us Fri, 05 Jan 2024 00:00:00 +0530 Mon, 08 Jan 2024 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447960 ITAT Kolkata dismissed revenue's appeal regarding unexplained cash credit under Section 68. Despite assessee's non-appearance before AO and non-compliance with summons under Section 131, CIT(A) allowed assessee's appeal finding all Section 68 ingredients satisfied through analysis of subscriber credentials and financial data. ITAT upheld CIT(A)'s reasoned decision noting subscribers provided required details/evidence in compliance with summons, establishing identity, creditworthiness and transaction genuineness. Court confirmed no bar on issuing shares above FMV as Section 56(2)(viib) provisions effective from AY 2013-14 onwards. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447960