Income—Unexplained cash credits— Assessee raised share capital and share premium during year under consideration- There cannot be any addition u/s 68 merely because assessee could not produce directors of share subscribing companies -If all necessary ingredients of s. 68 had been duly complied with by assessee and notices issued u/s 133(6) have been duly complied with. Revenue’s appeal dismissed
Friends KOLKATA TRIBUNAL on dated Oct 26, 2018 held that Income—Unexplained cash credits— Assessee raised share capital and share premium during year under consideration- There cannot be any addition u/s 68 merely because assessee could not produce directors of share…
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