No Fresh Share Premium, No Section 68 Addition: ITAT Mumbai

Landmark Worldwide Breakthrough Technologies Pvt. Ltd. Vs DCIT (ITAT Mumbai) No Fresh Share Premium, No Section 68 Addition: ITAT Deletes ₹1.38 Crore Addition Based on Opening Balance The Mumbai ITAT deleted an addition of ₹1.38 crore under Section 68, holding that no addition could be made when there was no fresh receipt of share capital or share premium during the relevant assessment year. The AO had treated the amount as unexplained cash credit alleging failure of the assessee to establish identity, creditworthiness and genuineness of investors. Before the Tribunal, the assessee demonst...