https://www.taxtmi.com/caselaws?id=460574 The Tribunal dismissed the revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 85,00,000/- as unexplained cash credit under Section 68 of the Income-tax Act, 1961. The Tribunal determined that Section 68 does not apply to transactions involving the exchange of shares without cash consideration. The evidence showed that the shares were exchanged rather than cash being transferred, and the assessee's financial records properly documented the share exchanges. Thus, the addition by the AO was deemed unjustified. 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=460574 The Tribunal dismissed the revenue's appeal and upheld the CIT(A)'s decision to delete the addition of Rs. 85,00,000/- as unexplained cash credit under Section 68 of the Income-tax Act, 1961. The Tribunal determined that Section 68 does not apply to transactions involving the exchange of shares without cash consideration. The evidence showed that the shares were exchanged rather than cash being transferred, and the assessee's financial records properly documented the share exchanges. Thus, the addition by the AO was deemed unjustified. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460574