https://www.taxtmi.com/caselaws?id=457072 ITAT Kolkata ruled in favor of the assessee on two issues. Regarding addition under Section 68 for undisclosed cash credit, the tribunal held that mere non-compliance with summons under Section 131 cannot justify treating share capital/premium as unexplained cash credit when the assessee had filed required evidence regarding share subscribers, which the AO failed to examine or comment upon. On Section 14A addition for expenses on exempt income, the tribunal upheld CIT(A)'s deletion noting the assessee earned no exempt income during the year, making disallowance unnecessary per established legal precedent. en-us Thu, 31 Aug 2023 00:00:00 +0530 Wed, 04 Sep 2024 20:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457072 ITAT Kolkata ruled in favor of the assessee on two issues. Regarding addition under Section 68 for undisclosed cash credit, the tribunal held that mere non-compliance with summons under Section 131 cannot justify treating share capital/premium as unexplained cash credit when the assessee had filed required evidence regarding share subscribers, which the AO failed to examine or comment upon. On Section 14A addition for expenses on exempt income, the tribunal upheld CIT(A)'s deletion noting the assessee earned no exempt income during the year, making disallowance unnecessary per established legal precedent. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457072