HC Dismisses Revenue Appeal; As no Question of Law Arising from Tribunal’s Order

PCIT Vs Zulu Merchandise Pvt Ltd (Calcutta High Court) The Calcutta High Court dismissed the Income Tax Department’s appeal in the case of PCIT vs. Zulu Merchandise Pvt Ltd, addressing the challenge against an ITAT order. The appeal, which faced a 138-day delay, was allowed for consideration of the delay. The main issue was whether the ITAT correctly removed a Rs. 10,51,200 addition for bogus losses on share sales, arguing that the assessee had not proven shareholder identities, creditworthiness, or transaction genuineness. However, the Court found that the ITAT’s decision was base...