https://www.taxtmi.com/caselaws?id=313977 ITAT Kolkata ruled in favor of the assessee in revision proceedings under section 263 concerning unexplained cash credits under section 68. The case involved share swapping arrangements between six parties without any cash consideration exchange. The tribunal held that since no actual cash passed between parties during the share swap, section 68 provisions regarding unexplained cash credits were not applicable. Relying on precedent from Bhagwat Marcom case and SC decision in Malabar Industrial, the tribunal found that even if the assessment was erroneous, it did not prejudice revenue interests, as both conditions must be satisfied for valid revision under section 263. en-us Fri, 08 Nov 2019 00:00:00 +0530 Sat, 11 May 2024 08:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313977 ITAT Kolkata ruled in favor of the assessee in revision proceedings under section 263 concerning unexplained cash credits under section 68. The case involved share swapping arrangements between six parties without any cash consideration exchange. The tribunal held that since no actual cash passed between parties during the share swap, section 68 provisions regarding unexplained cash credits were not applicable. Relying on precedent from Bhagwat Marcom case and SC decision in Malabar Industrial, the tribunal found that even if the assessment was erroneous, it did not prejudice revenue interests, as both conditions must be satisfied for valid revision under section 263. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313977