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2018 (7) TMI 1863 - AT - Income TaxUnexplained cash credit u/s 68 - Share capital and share premium as unexplained - Held that:- As held by the Hon’ble Delhi High Court in the case of Usha Stud Agricultural Farms Ltd. (2008 (3) TMI 91 - DELHI HIGH COURT) and Parmeshwar Bohra (2007 (1) TMI 105 - RAJASTHAN HIGH COURT), the amount received by the assessee in the earlier year and not in the year under consideration and duly credited in the books of account of the assessee for such earlier year cannot be added under section 68 as unexplained cash credit for the year under consideration. CIT(A) was fully justified in deleting the addition made by the A.O. under section 68 during the year under consideration by treating the amount in question towards share capital and share premium which was received by the assessee company in the earlier year and not in the year under consideration. - Decided against revenue
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