https://www.taxtmi.com/caselaws?id=459404 The ITAT Kolkata ruled in favor of the assessee on two issues. First, the addition under section 68 treating share capital as unexplained cash credit was deleted, following Calcutta HC precedent, since no actual cash or cheque was received and the transaction occurred through barter system. Second, the disallowance under section 14A read with rule 8D was deleted as the assessee had no exempt income during the year, consistent with Delhi HC ruling in Era Infrastructure case. en-us Mon, 20 May 2024 00:00:00 +0530 Wed, 11 Dec 2024 19:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459404 The ITAT Kolkata ruled in favor of the assessee on two issues. First, the addition under section 68 treating share capital as unexplained cash credit was deleted, following Calcutta HC precedent, since no actual cash or cheque was received and the transaction occurred through barter system. Second, the disallowance under section 14A read with rule 8D was deleted as the assessee had no exempt income during the year, consistent with Delhi HC ruling in Era Infrastructure case. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459404