https://www.taxtmi.com/caselaws?id=460587 ITAT Mumbai held that Section 68 addition for unexplained cash credit was not applicable where share capital was received through barter transaction rather than monetary consideration. The tribunal found that shares were issued against transfer of investments, which were properly recorded in investors' books before transfer and subsequently shown in assessee's balance sheet. Since consideration was discharged through barter system without money payment, Section 68 provisions were inapplicable. AO directed to delete the disallowance. Appeal decided in favor of assessee. en-us Tue, 06 Apr 2021 00:00:00 +0530 Mon, 03 Feb 2025 18:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460587 ITAT Mumbai held that Section 68 addition for unexplained cash credit was not applicable where share capital was received through barter transaction rather than monetary consideration. The tribunal found that shares were issued against transfer of investments, which were properly recorded in investors' books before transfer and subsequently shown in assessee's balance sheet. Since consideration was discharged through barter system without money payment, Section 68 provisions were inapplicable. AO directed to delete the disallowance. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 06 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460587