AdvertisementRolex Trafin Private Limited Vs ITO (ITAT Kolkata) Kolkata ITAT: Section 68 Cannot Apply to Mere Journal Entries Where Share Capital Was Received in a Subsequent Year The Kolkata ITAT held that no addition under section 68 can be made in respect of mere journal entries recording share capital/share premium when no money was actually received during the relevant previous year. The Tribunal observed that although the assessee had credited share capital and share premium in its books during AY 2012-13, the actual funds were received only in the subsequent assessment year (AY 2013-14), and the ent...