https://www.taxtmi.com/caselaws?id=765983 ITAT Delhi held that no addition under section 68 could be made for share capital received in current assessment year when cash was already credited in previous year. For AY 2017-18, assessee issued 1,50,000 shares to a company at same premium rate as existing shareholders. Subscriber company had sufficient revenue of Rs. 15,49,75,300 from trading operations and declared profits. Assessee provided confirmation, audited balance sheet, and valuation report under Rule 11UA. ITAT found all conditions under section 68 satisfied regarding nature, source and genuineness of transaction. Appeals allowed. en-us Sun, 12 Jan 2025 00:00:00 +0530 Fri, 14 Feb 2025 08:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765983 ITAT Delhi held that no addition under section 68 could be made for share capital received in current assessment year when cash was already credited in previous year. For AY 2017-18, assessee issued 1,50,000 shares to a company at same premium rate as existing shareholders. Subscriber company had sufficient revenue of Rs. 15,49,75,300 from trading operations and declared profits. Assessee provided confirmation, audited balance sheet, and valuation report under Rule 11UA. ITAT found all conditions under section 68 satisfied regarding nature, source and genuineness of transaction. Appeals allowed. Case-Laws Income Tax Sun, 12 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765983