Home › Tax Laws › Janani Infrastructure Pvt. Ltd. v. ACIT( 2019 ) 74 ITR 373 /( 2020) 203 TTJ 59 (Bang)(Trib),/ Carmel Asia Holdings (P) Ltd v ACIT 2019) 74 ITR 373/ (2020) 203 TTJ 59 (Bang.)(Trib.), www.itatonline.org

Janani Infrastructure Pvt. Ltd. v. ACIT( 2019 ) 74 ITR 373 /( 2020) 203 TTJ 59 (Bang)(Trib),/ Carmel Asia Holdings (P) Ltd v ACIT 2019) 74 ITR 373/ (2020) 203 TTJ 59 (Bang.)(Trib.), www.itatonline.org

S. 68 : Cash credits –Share capital premium- The test of human probabilities cannot be applied to business transactions- The AO cannot reach this conclusion without further investigation and bringing material on record -Reopening is held to be bad in law [ S.147, 148 ]. .

Tribunal held that, the AO cannot treat the share premium as unexplained cash credit only because the same is not commensurate with the income and financial strength of the assessee. The AO cannot reach this conclusion without further investigation and bringing material on record .Reopening is held to be bad in law .

( ITA No. 698 to 701/Bang/2018, dt. 02.08.2019)(AY. 2007-08 & 2008-09)