https://www.taxtmi.com/caselaws?id=450945 ITAT Delhi upheld CIT(A)'s order deleting addition under section 68 regarding buyback transaction. AO had issued show-cause notice with only one day to respond, which violated principles of natural justice. AO incorrectly treated buyback amount as unexplained income without proper fact appreciation. CIT(A) established that company's identity, transaction genuineness, and creditworthiness were proven through proper documentation including ROC approval, tax payments under section 115QA, financial statements, and valuation reports. Buyback income qualified for exemption under section 10(34A) as amended by Finance Act 2013. Revenue's appeal was rejected. en-us Thu, 14 Mar 2024 00:00:00 +0530 Sat, 16 Mar 2024 08:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450945 ITAT Delhi upheld CIT(A)'s order deleting addition under section 68 regarding buyback transaction. AO had issued show-cause notice with only one day to respond, which violated principles of natural justice. AO incorrectly treated buyback amount as unexplained income without proper fact appreciation. CIT(A) established that company's identity, transaction genuineness, and creditworthiness were proven through proper documentation including ROC approval, tax payments under section 115QA, financial statements, and valuation reports. Buyback income qualified for exemption under section 10(34A) as amended by Finance Act 2013. Revenue's appeal was rejected. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450945