Calcutta HC Dismisses Appeal against deletion of share capital & premium addition

PCIR-2 Vs One Point Commercial Pvt Ltd (Calcutta High Court) The Calcutta High Court heard an appeal filed by the Income Tax department (PCIT-2) against One Point Commercial Pvt Ltd, challenging an order from the Income Tax Appellate Tribunal (ITAT) dated October 16, 2024. This case, concerning the assessment year 2012-13, revolves around an addition of Rs. 4,78,50,000/- made by the Assessing Officer under Section 68 of the Income Tax Act, 1961, relating to unexplained share capital and premium. The department raised several questions of law, including whether the Tribunal was justified in acc...