https://www.taxtmi.com/highlights?id=75357 Unexplained cash credit u/s 68 - bogus share capital/share premium - The tribunal noted that the appellant's company had witnessed significant growth over the years, leading to a substantial increase in the value of its shares. The ITAT also considered the financial status of the share subscribers, who demonstrated ample net worth to justify their investments. - Furthermore, the ITAT emphasized that the provisions of Section 56(2)(viib) of the Act, relating to the valuation of shares, were not applicable to the assessment year in question. It was concluded that the addition of the unexplained cash credit was unjustified. en-us Sat, 02 Mar 2024 10:59:07 +0530 Sat, 02 Mar 2024 10:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75357 Unexplained cash credit u/s 68 - bogus share capital/share premium - The tribunal noted that the appellant's company had witnessed significant growth over the years, leading to a substantial increase in the value of its shares. The ITAT also considered the financial status of the share subscribers, who demonstrated ample net worth to justify their investments. - Furthermore, the ITAT emphasized that the provisions of Section 56(2)(viib) of the Act, relating to the valuation of shares, were not applicable to the assessment year in question. It was concluded that the addition of the unexplained cash credit was unjustified. Highlights Income Tax Sat, 02 Mar 2024 10:59:07 +0530 https://www.taxtmi.com/highlights?id=75357