https://www.taxtmi.com/caselaws?id=448203 ITAT Kolkata dismissed Revenue's appeal regarding unexplained cash credit addition under Section 68. AO questioned share premium of Rs. 49 per share (face value Rs. 1) received by loss-making company, treating it as unexplained cash credit. CIT(A) deleted the addition, holding that business decisions on fund utilization are at investor's discretion, subscribers didn't borrow money for investment, and group companies may support substantial activities. CIT(A) also noted Section 56(2)(vib) provisions weren't applicable for AY 2012-13. ITAT upheld CIT(A)'s decision without interference. en-us Wed, 08 Nov 2023 00:00:00 +0530 Sat, 13 Jan 2024 08:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448203 ITAT Kolkata dismissed Revenue's appeal regarding unexplained cash credit addition under Section 68. AO questioned share premium of Rs. 49 per share (face value Rs. 1) received by loss-making company, treating it as unexplained cash credit. CIT(A) deleted the addition, holding that business decisions on fund utilization are at investor's discretion, subscribers didn't borrow money for investment, and group companies may support substantial activities. CIT(A) also noted Section 56(2)(vib) provisions weren't applicable for AY 2012-13. ITAT upheld CIT(A)'s decision without interference. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448203