https://www.taxtmi.com/caselaws?id=755795 The ITAT Kolkata allowed the appeal, ruling that the addition of Rs. 2,48,00,000 as unexplained income under section 68 of the Income Tax Act was unjustified. The appellant demonstrated that the share application money was a conversion of old loans into share allotments, not new funds. The ITAT emphasized the necessity of verifying details before making such additions, leading to the deletion of the amount from unexplained income. en-us Fri, 28 Jun 2024 00:00:00 +0530 Fri, 19 Jul 2024 07:34:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755795 The ITAT Kolkata allowed the appeal, ruling that the addition of Rs. 2,48,00,000 as unexplained income under section 68 of the Income Tax Act was unjustified. The appellant demonstrated that the share application money was a conversion of old loans into share allotments, not new funds. The ITAT emphasized the necessity of verifying details before making such additions, leading to the deletion of the amount from unexplained income. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755795