Held that the money in the form of investment was received not in the previous year but last financial year. The remittances received from the holding company had been shown on March 3, 2014, and the relevant financial year started from April 1, 2014. Merely because there was allotment of shares in the relevant financial year, invoking of provisions of section 68 is not sustainable.(AY.2015-16)
Asst. CIT v. Experion Hospitality P. Ltd. (2023)107 ITR 22 (SN)(Delhi)(Trib)
S. 68 : Cash credits-Remittance from its Singapore based holding company-Source of the source not required to be proved-Addition is not justified.