https://www.taxtmi.com/caselaws?id=774761 The HC upheld ITAT's decision to delete addition u/s 68 regarding unexplained share capital and premium from five share applicants. The Tribunal found that identity of share applicant companies was established, their creditworthiness was proven through financial statements showing sufficient funds, and genuineness of transactions was verified. All five companies underwent scrutiny assessment u/s 143(3) which remained intact. The HC noted that taxing the same amount in assessee's hands would constitute double taxation since the source had already been taxed with the share applicants. The assessee's appeal was allowed. en-us Thu, 03 Jul 2025 00:00:00 +0530 Thu, 05 Mar 2026 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774761 The HC upheld ITAT's decision to delete addition u/s 68 regarding unexplained share capital and premium from five share applicants. The Tribunal found that identity of share applicant companies was established, their creditworthiness was proven through financial statements showing sufficient funds, and genuineness of transactions was verified. All five companies underwent scrutiny assessment u/s 143(3) which remained intact. The HC noted that taxing the same amount in assessee's hands would constitute double taxation since the source had already been taxed with the share applicants. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774761