https://www.taxtmi.com/caselaws?id=773576 ITAT Kolkata dismissed revenue's appeal upholding CIT(A)'s deletion of addition under section 68 for unexplained cash credit relating to share capital/share premium. AO treated high premium share issuance as unexplained cash credit due to non-compliance with summons. CIT(A) found subscribers' directors and individual appeared before AO with recorded statements. CIT(A) justified high premium considering assessee's joint venture with French company Delsey SA, a global luggage manufacturer with significant turnover. AO had previously accepted similar share allotments as genuine in subsequent assessment year. Coordinate bench had deleted similar additions from same subscribers in earlier year, supporting CIT(A)'s detailed findings. en-us Fri, 25 Apr 2025 00:00:00 +0530 Wed, 25 Jun 2025 09:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773576 ITAT Kolkata dismissed revenue's appeal upholding CIT(A)'s deletion of addition under section 68 for unexplained cash credit relating to share capital/share premium. AO treated high premium share issuance as unexplained cash credit due to non-compliance with summons. CIT(A) found subscribers' directors and individual appeared before AO with recorded statements. CIT(A) justified high premium considering assessee's joint venture with French company Delsey SA, a global luggage manufacturer with significant turnover. AO had previously accepted similar share allotments as genuine in subsequent assessment year. Coordinate bench had deleted similar additions from same subscribers in earlier year, supporting CIT(A)'s detailed findings. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773576