ITAT deletes section 68 addition of ₹17.61 crore in respect of Share Capital investment

Principal Commissioner Of Income Tax Vs Snowwhite Infrastructure Pvt. Ltd. (Calcutta High Court)  The Calcutta High Court dismissed an appeal filed by the Principal Commissioner of Income Tax against Snowwhite Infrastructure Pvt. Ltd. regarding the assessment year 2012-13. The appeal challenged the Income Tax Appellate Tribunal’s (ITAT) order, which upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to delete an addition of ₹17.61 crore under Section 68 of the Income Tax Act. The addition was initially made by the Assessing Officer (AO) on the grounds that Snowwhite ...