Shanti Prime Publication Pvt. Ltd.
Sec. 68, 2(22)(e) of Income Tax act, 1961 — Cash Credit — The Assessing Officer made addition on account of "share premium" on the grounds that the assessee has not filed the valuation report pertaining to the value of the land for which share premium @ Rs. 90 /- per share has been received. The CIT (A) deleted the addition on the grounds that the identity, creditworthiness and genuineness of the transaction has been proved by the assessee and there was no material before the revenue to assume that it was the assessee' s own money that has come back to the system in the form of share premium. ITAT while dismissing the appeal of the revenue held that:– the provisions of Section 2(22)(e) of the Act are not attracted in the case of the assessee – DEPUTY CIT Vs. INTERNATIONAL LAND & DEVELOPERS P. LTD  79 ITR (TRIB) 441 (ITAT-DELHI)