Calcutta HC dismissed revenue’s appeal due to Low Tax Effect in Share Capital Addition Case

PCIT Vs Navnita Dealcom Private Limited (Calcutta High Court) The Calcutta High Court considered an appeal challenging an order of the Income Tax Appellate Tribunal dated 9 September 2024, by which an addition of ₹1,21,50,000 made under Section 68 of the Income Tax Act, 1961 was deleted. The addition related to alleged unexplained cash credit arising from share capital and share premium received by the assessee, a Non-Banking Finance Company (NBFC). The Assessing Officer had added the amount, and the Commissioner of Income Tax (Appeals) had confirmed it. The records showed that the assesse...