| Court: | Mumbai Tribunal |
| Head Notes: | Coram: Honouarble Mahavir Singh Vice-President, and Honourable M. Balaganesh, AM S. 147 : Reassessment-Change of head-Income from other sources- Share capital-Notice was issued to assess the excess share premium under section 56 of the Act-Addition was made under section 68 of the Act as cash credits-Reassessment is held to be bad in law. [S. 56, 68, 148] Tribunal held that when the reassessment notice was issued to assess the excess share premium as income from other sources, however the addition was made as cash credits under section 68 of the Act, the reassessment is bad in law. Followed CIT v. Jet Airways Ltd. (2011) 331 ITR 236 (Bom.)(HC). (ITA Nos 3191/Mum/2017; ITA No. 3192 /Mum//2017 dt. 23-7-2021), (AY. 2009-10, 2011-12) |
| Law: | Income-Tax Act |
| Section(s): | 147 |
| Counsel(s): | Dr. K. Shivaram Senior Advocate for Appellant and Shri LKS Dehiya CIT DR for Respondent |
| Dowload Pdf File | Click here to download the file in pdf format |
| Uploaded By | Jagdish |
| Date of upload: | September 14, 2021 |
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