Forfeiture of share application money being capital receipt is not taxable

ACIT Vs V C Solutions Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that forfeiture of share application money being forfeiture of a kind of deposits cannot be treated as revenue receipt. The same is capital in nature and hence not taxable. Facts- Vide the present appeal, revenue has mainly contested that the ld. CIT(A) has erred in deleting the addition of Rs.26,13,97,349/- made on account of write off of share application money amounting to Rs.26,13,97,349/- ignoring the facts that the assessee has not provided any details to furnish the identity, creditworthiness and genuineness, has failed to shi...