Section 68 of Income Tax Act, 1961— Addition u/s 68 —In the instant case, the assessee company was asked to justify the charging of share premium from its non-resident JV Promoter, i.e. M/s.Participatie Maatschappiji Graafsschap Holland Nv, vis-a-vis non charging of share premium from the two resident JV promoters i.e. M/s. Pantaloon Retail India Ltd and M/s.Pantaloon Industries Ltd.
The assessee was asked to show cause and explain as to why such receipts received and appearing in balance sheet as share premium should not be treated as unexplained cash credit for the year and taxed accordingly.

Held that— In our considered opinion on the facts and circumstances of this case this aspect needs to be remitted to the file of assessing officer. The assessing officer is directed to examine in detail this aspect as to whether there is violation of the companies act with regard to the utilisation of share premium account.[SHENDRA ADVISORY SERVICES PVT. LTD. VERSUS DCIT-14 (3) (2) MUMBAI.] [2019] 17 ITCD Online (54) [ITAT MUMBAI]