Calcutta HC upholds deletion of addition of ₹5.07 Cr relating to share capital & premium 

PCIT Vs Mallcom VSFT Gloves Pvt. Ltd (Calcutta High Court) The Calcutta High Court dismissed an appeal filed by the Income Tax Department against Mallcom VSFT Gloves Pvt. Ltd., affirming the Income Tax Appellate Tribunal’s decision to remove an addition relating to share premium of Rs. 5.07 Crores made under Section 68 of the Income Tax Act, 1961. This addition pertained to share capital and premium. The revenue’s primary contention was that the assessee failed to demonstrate the creditworthiness of the investing companies and the genuineness of the transactions, despite providing ...