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Tribunal

3. Sec 68: No addition could be made under section 68, where assessee-company issued its shares at premium to subscribing company and subscribing company had explained that shares were taken on premium out of loan taken from NBFCs and had given immediate source; and had also given documents and confirmations from NBFC companies confirming loan out of borrowings.

[Prime Comfort Products (P.) Ltd. v. ACIT, Circle-20(1) - ITA No.267/Del/2019 - Date: 04.10.2019 - Delhi ITAT]

4. Sec 2(22)(e) : Where assessee received loan from two companies which were substantially involved in business of money lending, proviso (ii) to section 2(22)(e) would apply to assessee's case and addition of deemed dividend made to assessee's income was to be deleted

[Mohan Bhagwatprasad Agrawal v. DCIT, Circle- 4 (2) – ITA No.29/Ahd/2019 – Date: 12.04.2019 - Ahmedabad ITAT]