Section 68 of Income Tax Act, 1961— Unexplained cash credit— The assessee’s sole substantive ground raised in the instant appeal reads that both the lower authorities’ have erred in law and on facts in treating its share capital / premium of Rs. 2,01,50,000/- as unexplained cash credits u/s 68 of the Act.

Held that—We therefore reject the Revenue’s arguments supporting lower authorities’ action and delete the impugned un-explained cash credits addition of Rs. 2,01,50,000/-. The assessee succeeds in its sole substantive grievance.[M/S BLUE LOTUS DESIGNERS PVT. LTD. VERSUS INCOME TAX OFFICER, WARD-7 (4) , KOLKATA][2020] 21 ITCD Online (2) [ITAT KOLKATA]