https://www.taxtmi.com/caselaws?id=460575 ITAT Kolkata held that section 68 provisions regarding unexplained cash credits do not apply to share transactions conducted through barter system without cash consideration. The assessee company acquired shares from shareholders by issuing its own shares as consideration, clearly disclosed in balance sheet notes as non-cash transactions. The tribunal upheld CIT(A)'s decision to delete the addition, finding no cash credit involved requiring explanation under section 68. Revenue's appeal was dismissed. en-us Wed, 23 Jan 2019 00:00:00 +0530 Mon, 03 Feb 2025 13:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460575 ITAT Kolkata held that section 68 provisions regarding unexplained cash credits do not apply to share transactions conducted through barter system without cash consideration. The assessee company acquired shares from shareholders by issuing its own shares as consideration, clearly disclosed in balance sheet notes as non-cash transactions. The tribunal upheld CIT(A)'s decision to delete the addition, finding no cash credit involved requiring explanation under section 68. Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460575