https://www.taxtmi.com/caselaws?id=790882 An addition under section 68 cannot be sustained unless the Assessing Officer proves an unexplained credit in the relevant year. Where no fresh money, share capital, or receipt was shown during the year under consideration, the mere striking off of the shareholder company under section 248(5) of the Companies Act, 2013 did not by itself establish a taxable credit. The assessee's case that the shareholding arose in an earlier year and no fresh transaction occurred during the year remained unrebutted, so the section 68 addition was deleted. en-us Wed, 08 Apr 2026 00:00:00 +0530 Sat, 02 May 2026 07:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790882 An addition under section 68 cannot be sustained unless the Assessing Officer proves an unexplained credit in the relevant year. Where no fresh money, share capital, or receipt was shown during the year under consideration, the mere striking off of the shareholder company under section 248(5) of the Companies Act, 2013 did not by itself establish a taxable credit. The assessee's case that the shareholding arose in an earlier year and no fresh transaction occurred during the year remained unrebutted, so the section 68 addition was deleted. Case-Laws Income Tax Wed, 08 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790882