https://www.taxtmi.com/caselaws?id=752383 The ITAT Mumbai upheld the CIT(A)'s decision to delete additions made under section 68 regarding undisclosed share capital and share premium. The revenue alleged bogus LTCG transactions, but the tribunal found that section 68 provisions were inapplicable since the assessee received share application money and premium in FY 2006-07, not in the assessment year 2011-12. The tribunal noted that section 68 applies only when amounts are credited in the relevant financial year and explanations are unsatisfactory. The revenue failed to present new material to challenge the CIT(A)'s reasoned order, resulting in dismissal of the revenue's appeal. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 09 May 2024 07:21:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752383 The ITAT Mumbai upheld the CIT(A)'s decision to delete additions made under section 68 regarding undisclosed share capital and share premium. The revenue alleged bogus LTCG transactions, but the tribunal found that section 68 provisions were inapplicable since the assessee received share application money and premium in FY 2006-07, not in the assessment year 2011-12. The tribunal noted that section 68 applies only when amounts are credited in the relevant financial year and explanations are unsatisfactory. The revenue failed to present new material to challenge the CIT(A)'s reasoned order, resulting in dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752383