https://www.taxtmi.com/caselaws?id=763329 The ITAT ruled in favor of the assessee, overturning the CIT(A)'s decision. The Tribunal determined that the difference in the cost of shares gifted by a relative, recorded at fair market value, should not be treated as unexplained credit under section 68 of the Income-Tax Act. The shares were exempt under section 56(2)(X), and the AO's addition was deemed incorrect. The Tribunal instructed the AO to delete the addition, emphasizing that the shares were properly recorded and exempt. The appeal was allowed, resolving the issue against the revenue department. en-us Mon, 16 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 08:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763329 The ITAT ruled in favor of the assessee, overturning the CIT(A)'s decision. The Tribunal determined that the difference in the cost of shares gifted by a relative, recorded at fair market value, should not be treated as unexplained credit under section 68 of the Income-Tax Act. The shares were exempt under section 56(2)(X), and the AO's addition was deemed incorrect. The Tribunal instructed the AO to delete the addition, emphasizing that the shares were properly recorded and exempt. The appeal was allowed, resolving the issue against the revenue department. Case-Laws Income Tax Mon, 16 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763329