https://www.taxtmi.com/caselaws?id=456510 Gujarat HC set aside an assessment notice where AO made addition u/s 68 regarding advances from eight companies lacking resources. Court found AO erroneously linked unsecured loans that were squared up on same dates to unrelated share capital conversion in subsequent year involving different entity (Vikas TV Alliance Private Limited). Since advances were settled same day with nothing outstanding at year-end, no question of conversion to share capital arose. AO proceeded on misapplication of facts without establishing connection between two separate transaction sets. Decision favored assessee. en-us Mon, 05 Mar 2018 00:00:00 +0530 Tue, 30 Jul 2024 20:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456510 Gujarat HC set aside an assessment notice where AO made addition u/s 68 regarding advances from eight companies lacking resources. Court found AO erroneously linked unsecured loans that were squared up on same dates to unrelated share capital conversion in subsequent year involving different entity (Vikas TV Alliance Private Limited). Since advances were settled same day with nothing outstanding at year-end, no question of conversion to share capital arose. AO proceeded on misapplication of facts without establishing connection between two separate transaction sets. Decision favored assessee. Case-Laws Income Tax Mon, 05 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456510