Revenue Appeals Dismissed: No Incriminating Material Found in Share Certificate Case

PCIT Vs JPM Tools Ltd. (Delhi High Court) The Delhi High Court adjudicated a series of income tax appeals filed by the Revenue challenging the common order of the Income Tax Appellate Tribunal (ITAT) dated 23rd December 2021. These appeals related to Assessment Years (AYs) 2008-09 to 2011-12 and concerned the addition of share capital and share premium on account of alleged bogus or accommodation entries involving multiple investor companies. The Revenue contended that ITAT erred in relying on the Court’s earlier judgment in CIT vs Kabul Chawla while ignoring a pending Supreme Court appeal i...