If no cash involved in share allotment than unexplained cash credit provisions not attracted

M/s.V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court)

When there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted.

Learned counsel for the appellant assessee emphatically argued that inasmuch as the source of credit in which shares were allotted was clearly expla

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