Assessing share premium amount u/s 68 is unjustified

Hiranandani Healthcare Private limited Vs CIT (ITAT Mumbai) ITAT Mumbai held that tax authorities cannot assessee share premium amount under section 68 of the Income Tax Act. Accordingly, addition made u/s 68 is liable to be deleted. Facts- The assessee is contesting the decision of the tax authorities in rejecting the claim for set off brought forward losses by applying provisions of section 79 of the I.T. Act. In A.Y. 20 12-13 the assessee is also contesting the addition of Rs. 27 crores made under section 68 of the Act. Conclusion- We find merit in the contentions of the learned AR that the...