https://www.taxtmi.com/caselaws?id=752641 The ITAT Delhi dismissed revenue's appeal on two grounds. First, regarding disallowance u/s 14A, the tribunal held no addition could be made as the assessee earned no exempt income during the year. Second, on addition u/s 68 for unexplained share capital and premium from overseas entity, the tribunal found the assessee had discharged its burden by proving identity, capacity and genuineness of the transaction with proper RBI approvals and FDI compliance. The requirement to prove source of source and restrictions on share premium were effective only from AY 2013-14, not applicable to the assessment year in question. en-us Fri, 03 May 2024 00:00:00 +0530 Wed, 15 May 2024 09:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752641 The ITAT Delhi dismissed revenue's appeal on two grounds. First, regarding disallowance u/s 14A, the tribunal held no addition could be made as the assessee earned no exempt income during the year. Second, on addition u/s 68 for unexplained share capital and premium from overseas entity, the tribunal found the assessee had discharged its burden by proving identity, capacity and genuineness of the transaction with proper RBI approvals and FDI compliance. The requirement to prove source of source and restrictions on share premium were effective only from AY 2013-14, not applicable to the assessment year in question. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752641