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Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was erred in appreciating the facts that the assessee has passed fresh credit entry in its books of account for conversion of share application money into its share subscription and share premium, accordingly, Section 68 is correctly applied in the case of the assessee in the year under consideration ?"

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Section 68 of the Income-tax Act, 1961—Cash credit— Tribunal was justified in deleting the addition made under section 68 on account of share application money as both the Commissioner (Appeals) and the Tribunal have, after considering the records, categorically held that the amount was relevant for the Assessment Year 2006-07- - PR. CIT V/s REALVALUE REALTORS (P.) LTD. - [2020] 269 TAXMAN 064 (BOM)

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