Calcutta HC upheld Deletion of addition for Share Capital

PCIT Vs Ambition Agencies Private Limited (Calcutta High Court) The Court :- This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act in brevity) is directed against the order dated 9th November, 2016 passed by the Income Tax Appellate Tribunal “C” Bench Kolkata (Tribunal) in I.T.A. No.713/Kol/2011 for the assessment year 2006-07. The revenue has raised the following substantial questions of law for consideration in this appeal;- (a) Whether on the facts and in the circumstances of the case the Learned Tribunal, erred in law in upholding the order of the CIT...