Calcutta HC Deleted Share Capital Addition as Assessee Proved Identity & Banking Trail

PCIT Vs Express Tradelink Pvt. Ltd. (Calcutta High Court) This appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT), Kolkata, dated 8 February 2024 for Assessment Year 2009-10. The dispute concerned deletion of an addition of ₹7,26,50,000 made by the Assessing Officer under Section 68 on account of alleged unexplained share capital and share premium. The Revenue contended that the assessee failed to prove the identity, creditworthiness, and genuineness of nine subscriber companies. It argued that the...