No addition u/s 68 as assessee had not benefited from Round-Tripping of Share Transactions

Lalwani Estates & Realtors Pvt Ltd Vs ITO (ITAT Mumbai) Conclusion: Assessee had issued share application money and subsequently allotted shares which showed that the transactions were genuine and there was no material brought on record by tax authorities that the assessee had benefited from round-tripping, therefore, ITAT had deleted the addition made u/s 68. Held: Assessee filed its return of income declaring a total income at ₹10,19,760/- and subsequently assessee revised its return of income on 30.09.2008 declaring total income at ₹ 2,020/-. Subsequently, the case was reopened u/s...