https://www.taxtmi.com/caselaws?id=764305 ITAT Kolkata ruled in favor of the assessee company regarding addition under Section 68 for unexplained cash credit on share capital and premium. The tribunal found that the assessee successfully proved the genuineness of transactions by demonstrating the book value per share (Rs. 193.63) exceeded the share premium charged (Rs. 190). The assessee adequately established identity and creditworthiness of share applicants and genuineness of transactions. The tribunal noted that taxing the same amount in both applicants' and assessee's hands would constitute double taxation, as the source had already been taxed in applicants' assessments. en-us Wed, 16 Oct 2024 00:00:00 +0530 Tue, 04 Mar 2025 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764305 ITAT Kolkata ruled in favor of the assessee company regarding addition under Section 68 for unexplained cash credit on share capital and premium. The tribunal found that the assessee successfully proved the genuineness of transactions by demonstrating the book value per share (Rs. 193.63) exceeded the share premium charged (Rs. 190). The assessee adequately established identity and creditworthiness of share applicants and genuineness of transactions. The tribunal noted that taxing the same amount in both applicants' and assessee's hands would constitute double taxation, as the source had already been taxed in applicants' assessments. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764305