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2018 (7) TMI 2044 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - HELD THAT:- As decided in M/S. JELLOTIC SUPPLY PVT. LTD. [2018 (7) TMI 372 - ITAT KOLKATA] and USHA STUD AGRICULTURAL FARM LTD. [2008 (3) TMI 91 - DELHI HIGH COURT] 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. u/s 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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