https://www.taxtmi.com/caselaws?id=799377 Conversion of compulsorily convertible debentures into compulsorily convertible preference shares through a book entry, without funds being received in the relevant previous year, does not create an unexplained sum credited for that year. Share premium recorded solely on that conversion therefore falls outside Section 68, because the provision applies to sums credited in the assessee's books during the relevant previous year. en-us Thu, 10 Sep 2026 00:00:00 +0530 Mon, 21 Sep 2026 08:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799377 Conversion of compulsorily convertible debentures into compulsorily convertible preference shares through a book entry, without funds being received in the relevant previous year, does not create an unexplained sum credited for that year. Share premium recorded solely on that conversion therefore falls outside Section 68, because the provision applies to sums credited in the assessee's books during the relevant previous year. Case-Laws Income Tax Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799377