Section 68 had no application when shares were allotted under a barter system

DCIT Vs Alishan Steels Pvt (ITAT Kolkata)

Conclusion: Section 68 had no application when the shares were allotted by the assessee-company under a barter system as the respective parties did not receive cash nor did pay any cash, there was no real credit of cash in the cash book and the question of inclusion of the amount of the entry as unexplained cash credit could not arise.

Held: Assessee-company was engaged in the business of manufacturing of MS Ingots. The return of income for th

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