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Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

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

Income Tax

May 10, 2023

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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