Section 68 has No Application if Share Capital/Premium/Application money was not Received in the Relevant FY: ITAT [Read Order]

Section 68 has No Application - Share Capital - Premium - Application money - Relevant FY - ITAT - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal has held that Section 68 has no application if share capital/premium/application money was not received in the relevant Financial Year. A search and seizure operation under Section 132 of the Act was conducted at the premises of the assessee, M/s. Tirupati Udyog Ltd. Accordingly, notice under Section…

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