Deduction u/s. 80IC eligible on addition u/s. 68 of unsubstantiated share capital: Delhi HC

Valley Iron & Steel Co. Ltd. Vs PCIT (Delhi High Court) Delhi High Court held that benefit of deduction under section 80IC of the Income Tax Act available even in case of addition of unsubstantiated share capital into the account of the assessee under Section 68 of the Act. Facts- The petitioner-assessee impugns the order dated 28 February 2017 passed by the Income Tax Settlement Commission with the challenge being restricted to the additions made with respect to the infusion of share capital by M/s Amit Goods and Supplier Private Ltd. and the denial of benefit of deductions u/s. 80IC of t...