Share Allotment to Settle Liability Not amounts to Unexplained Cash Credit: Calcutta HC

PCIT Vs Vishnu Distributors Pvt Limited (Calcutta High Court) Calcutta High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Vishnu Distributors Pvt. Limited, upholding the Income Tax Appellate Tribunal’s (ITAT) decision to delete an addition of Rs. 3,98,44,628/- on account of unexplained share capital and share premium for the assessment year 2012-13. The High Court found no substantial question of law warranting its intervention. The appeal, filed under Section 260A of the Income Tax Act, 1961, initially faced a delay of 98 days, which the ...