PCIT Vs Outcome Buildcom Pvt Ltd (Calcutta High Court)
In the case of PCIT vs. Outcome Buildcom Pvt Ltd, the Calcutta High Court upheld the Income Tax Appellate Tribunal’s (ITAT) decision to dismiss an addition made under Section 68 of the Income Tax Act, 1961. The Revenue had appealed against the ITAT’s ruling which deleted an addition of ₹13,56,00,000 related to share capital and premium, questioning the genuineness of the transactions due to the absence of creditor identity, genuineness, and creditworthiness. The Court found that the ITAT had correctly re-assessed the facts, noting that the assessee had provided complete documentation and evidence to support the transactions. The Assessing Officer had failed to identify specific errors or discrepancies in the submitted documents and did not conduct an independent verification of the transactions. Consequently, the High Court determined that there was no substantial question of law and dismissed the Revenue’s appeal, affirming the ITAT’s decision.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
This is an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (in short ‘the Act’). It is directed against an order dated July 3, 2023 passed by the Income Tax Appellate Tribunal, “C” Bench, Kolkata (in short ‘the Tribunal’) in I.T.A No.652/Kol/2020 for the Assessment Year 2012-13.
