Held that share application and share premium which was received earlier year, addition cannot be made in the current financial year. Followed Ivan Singh v. ACIT (2020) 272 Taxman 36 (Bom.)(HC). (AY. 2009-10)
Geeri Fashion (P.) Ltd. v. ITO (2021) 191 ITD 155 (Surat)(Trib.)
S. 68 : Cash credits-Share application and share premium-Received earlier year-Addition cannot be made in the current financial year.