https://www.taxtmi.com/caselaws?id=753992 ITAT Delhi allowed the assessee's appeal against additions under Section 68 for share capital and share premium, and notional interest on interest-free loans. The tribunal held that the assessee discharged its primary onus by providing banking records, share application forms, board meeting minutes, and share certificates proving transaction genuineness. Despite investors not responding to Section 133(6) notices, the AO failed to take further legal action or point out document deficiencies. The tribunal found no basis for notional interest addition on interest-free loans to sister concern, following the principle that only real income should be taxed. en-us Wed, 12 Jun 2024 00:00:00 +0530 Fri, 14 Jun 2024 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753992 ITAT Delhi allowed the assessee's appeal against additions under Section 68 for share capital and share premium, and notional interest on interest-free loans. The tribunal held that the assessee discharged its primary onus by providing banking records, share application forms, board meeting minutes, and share certificates proving transaction genuineness. Despite investors not responding to Section 133(6) notices, the AO failed to take further legal action or point out document deficiencies. The tribunal found no basis for notional interest addition on interest-free loans to sister concern, following the principle that only real income should be taxed. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753992