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2018 (12) TMI 972 - AT - Income TaxAddition u/s 68 - assessee has not substantiated the genuineness of fresh share capital and share premium applied for and allotted by the assessee company - Held that:- As decided in ITO, WARD-13 (1) , KOLKATA VERSUS M/S ANAND ENTERPRISES LTD. [2018 (9) TMI 1779 - ITAT KOLKATA] AO had erroneously invoked the provisions of section 68 of the Act to the facts of the instant case, which, in our considered opinion, are not at all applicable herein. This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. In the balance sheet of the assessee company in the schedule to share capital, it is very clearly mentioned by way of note that the fresh share capital was raised during the year for consideration other than cash. Hence we hold that provision of section 68 of the Act are not applicable in the instant case and accordingly the entire addition deserves to be deleted - decided in favour of assessee.
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