https://www.taxtmi.com/highlights?id=85980 HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction involved debiting goodwill account and crediting share capital account for share allotment. Since no actual cash was received by the assessee company and the book entries were satisfactorily explained, s.68 provisions were not attracted. The court emphasized that s.68 requires actual receipt of cash/consideration, not mere book entries. The colorable device argument was rejected as the transaction nature was properly documented and explained. Appeal dismissed in favor of assessee. en-us Mon, 24 Feb 2025 08:05:35 +0530 Mon, 24 Feb 2025 08:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85980 HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction involved debiting goodwill account and crediting share capital account for share allotment. Since no actual cash was received by the assessee company and the book entries were satisfactorily explained, s.68 provisions were not attracted. The court emphasized that s.68 requires actual receipt of cash/consideration, not mere book entries. The colorable device argument was rejected as the transaction nature was properly documented and explained. Appeal dismissed in favor of assessee. Highlights Income Tax Mon, 24 Feb 2025 08:05:35 +0530 https://www.taxtmi.com/highlights?id=85980