https://www.taxtmi.com/caselaws?id=782636 ITAT Kolkata allowed the assessee's appeal, deleting the addition made u/s 68 in respect of share capital and share premium. It held that sums received as share application money in earlier assessment years, though allotted in the relevant year, could not be treated as cash credits of the current year and thus fell outside the scope of s.68 for that year. Further, the assessee had satisfactorily established the identity and creditworthiness of the subscriber companies and the genuineness of the share transactions through documentary evidence. Consequently, no part of the share capital or premium, including amounts received during the year, was taxable as unexplained cash credit. en-us Tue, 11 Nov 2025 00:00:00 +0530 Mon, 01 Dec 2025 14:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782636 ITAT Kolkata allowed the assessee's appeal, deleting the addition made u/s 68 in respect of share capital and share premium. It held that sums received as share application money in earlier assessment years, though allotted in the relevant year, could not be treated as cash credits of the current year and thus fell outside the scope of s.68 for that year. Further, the assessee had satisfactorily established the identity and creditworthiness of the subscriber companies and the genuineness of the share transactions through documentary evidence. Consequently, no part of the share capital or premium, including amounts received during the year, was taxable as unexplained cash credit. Case-Laws Income Tax Tue, 11 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782636