Mere Doubts & suspicions cannot lead to adverse findings against assessee: HC

PCIT Vs Pnc Infratech Ltd. (Allahabad High Court) Introduction: The article delves into the case of PCIT Vs Pnc Infratech Ltd., recently adjudicated by the Allahabad High Court. The appeal, arising from the Income Tax Appellate Tribunal’s decision, centers on the addition of unexplained credits under Section 68 of the Income Tax Act for the assessment year 2010-11. Detailed Analysis: The crux of the matter revolves around a capital infusion of Rs. 19 crores by three entities—M/s Jewellock Trexim Pvt. Ltd., M/s Alberta Merchants Pvt. Ltd., and M/s Gurprasad Holding Pvt. Ltd. The tribuna...