Share Capital Received from Previous AY Cannot Be Taxable as Unexplained Cash Credit: ITAT Deletes Addition u/s 68 [Read Order]
ITAT held that share capital received from previous assessment years could not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961
By Nandan GK - On May 12, 2025 7:08 pm - 2 mins read
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that share capital received from previous Assessment Years could not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The assessee, Jai Bhola Trading Co. Pvt. Ltd., issued shares during AY 2012–13 at ₹100 each, raising ₹1.43 crore….
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