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No Addition If No Fresh Share Capital or Premium Received During Year: ITAT

Direct Tax

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By Mariya Paliwala
No Addition If No Fresh Share Capital or Premium Received During Year: ITAT

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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that no addition under Section 68 of the Income Tax Act, 1961 can be made where there is no fresh receipt of share capital or share premium during the relevant assessment year and directed deletion of addition of Rs. 1.38 crore made by the Assessing…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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