https://www.taxtmi.com/caselaws?id=459360 The ITAT Kolkata dismissed the Revenue's appeal challenging deletion of addition under section 68 for unexplained cash credit. The tribunal held that section 68 provisions were erroneously invoked by the AO in a case involving share acquisition through equity consideration rather than cash. The assessee company acquired shares from shareholders by issuing its own shares as consideration, clearly disclosed in balance sheet notes as fresh share capital raised for non-cash consideration. Following precedent in Anand Enterprises Ltd, the tribunal confirmed that section 68 was inapplicable to such transactions, upholding the CIT(A)'s decision to delete the entire addition. en-us Wed, 16 Sep 2020 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459360 The ITAT Kolkata dismissed the Revenue's appeal challenging deletion of addition under section 68 for unexplained cash credit. The tribunal held that section 68 provisions were erroneously invoked by the AO in a case involving share acquisition through equity consideration rather than cash. The assessee company acquired shares from shareholders by issuing its own shares as consideration, clearly disclosed in balance sheet notes as fresh share capital raised for non-cash consideration. Following precedent in Anand Enterprises Ltd, the tribunal confirmed that section 68 was inapplicable to such transactions, upholding the CIT(A)'s decision to delete the entire addition. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459360