Calcutta HC Upholds ITAT Ruling on deletion of Share Capital Addition

PCIT Vs Hirak Vyapaar Pvt. Ltd. (Calcutta High Court) Calcutta High Court has dismissed an appeal filed by the revenue challenging an order from the Income Tax Appellate Tribunal (ITAT) which deleted an addition of Rs. 10,60,50,000/- made under Section 68 of the Income Tax Act, 1961, for the assessment year 2008-09. The case, PCIT Vs Hirak Vyapaar Pvt. Ltd., revolved around the treatment of share capital and share premium received by the assessee company. The revenue had put forth three substantial questions of law for the court’s consideration. These questions essentially argued that th...