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Income Tax - Highlights / Catch Notes

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Addition u/s 68 - Unexplained share transactions - Consideration ...


Section 68 Misapplied: CIT(A) Wrongly Deletes Additions on Non-Cash Share Transactions Lacking Assessee Investment Details.

May 10, 2023

Case Laws     Income Tax     AT

Addition u/s 68 - Unexplained share transactions - Consideration received other than cash - There are no details on facts as to what was the investment which was made by the assessee against which it has issued its share capital along with share premium - We do not disagree with the contention that provisions of Sec. 68 cannot be applied if no cash/money has been received by the assessee for issue /allotment of shares. - CIT(A) wrongly deleting the additions - AT

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