Calcutta HC Dismisses Revenue Appeal on Share Capital Addition under Section 68

PCIT Vs Alishan Steels Pvt Ltd (Calcutta High Court) The Calcutta High Court has dismissed an appeal filed by the Income Tax Department against Alishan Steels Pvt Ltd, affirming the Income Tax Appellate Tribunal’s decision to delete an addition of Rs. 6,00,00,000 under Section 68 of the Income Tax Act, 1961. The amount was categorized as unexplained cash credit from share capital and share premium. Despite a significant delay of 1132 days in filing the appeal, the High Court condoned it to examine the substantial question of law. However, after hearing arguments, the court concluded that...