https://www.taxtmi.com/caselaws?id=450322 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit u/s 68 involving bogus share capital/premium. The assessee raised funds from five subscribers by issuing equity shares at Rs. 10 face value with Rs. 990 premium, despite book value being Rs. 212 per share. The company, incorporated in 2007, showed 20-fold share value growth over four years. The assessee provided comprehensive documentation including ITRs, audited accounts, bank statements, and assessment orders for all investors. Finding no defects in evidence and noting Section 56(2)(viib) was inapplicable to the assessment year, ITAT set aside CIT(A)'s order and directed deletion of the addition. en-us Thu, 29 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450322 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit u/s 68 involving bogus share capital/premium. The assessee raised funds from five subscribers by issuing equity shares at Rs. 10 face value with Rs. 990 premium, despite book value being Rs. 212 per share. The company, incorporated in 2007, showed 20-fold share value growth over four years. The assessee provided comprehensive documentation including ITRs, audited accounts, bank statements, and assessment orders for all investors. Finding no defects in evidence and noting Section 56(2)(viib) was inapplicable to the assessment year, ITAT set aside CIT(A)'s order and directed deletion of the addition. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450322