https://www.taxtmi.com/caselaws?id=761908 ITAT Kolkata allowed the appeal, deleting additions under section 68 for unexplained cash credit relating to share premium. The tribunal held that the assessee sufficiently established identity, creditworthiness, and genuineness of shareholders and transactions through documentary evidence. Following SC precedents in Kamdhenu Steel Alloys Ltd. and Lovely Exports, the tribunal ruled that mere non-appearance of directors cannot justify treating share premium as unexplained income when adequate documentation exists. The revenue cannot question share premium quantum absent evidence of collusion or mala fide intent. en-us Mon, 18 Nov 2024 00:00:00 +0530 Wed, 20 Nov 2024 08:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761908 ITAT Kolkata allowed the appeal, deleting additions under section 68 for unexplained cash credit relating to share premium. The tribunal held that the assessee sufficiently established identity, creditworthiness, and genuineness of shareholders and transactions through documentary evidence. Following SC precedents in Kamdhenu Steel Alloys Ltd. and Lovely Exports, the tribunal ruled that mere non-appearance of directors cannot justify treating share premium as unexplained income when adequate documentation exists. The revenue cannot question share premium quantum absent evidence of collusion or mala fide intent. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761908