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| The Tax Publishers2020 TaxPub(DT) 5209 (Kol-Trib) INCOME TAX ACT, 1961
Section 68
Shares at premium were issued by assessee-company to other companies in lieu of shares held by those companies and since no cash was involved in these transactions and transactions were entered into in books of assessee-company by way of journal entries, AO was not, therefore, justified in making addition under section 68.
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Income from undisclosed sources - Addition under section 68 - Share issued to other companies in lieu of shares -
Assessee-company issued shares at premium to certain companies in lieu of shares held by said companies. AO made addition of share capital, including premium under section 68. Held: Shares at premium were issued by assessee-company to other companies in lieu of shares held by those companies and since no cash was involved in these transactions and transactions were entered into in books of assessee-company by way of journal entries, AO was not, therefore, justified in making addition under section 68.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
IN THE ITAT, KOLKATA BENCH
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