HC upholds deletion of ₹13.56 crore Section 68 addition of share capital & premium

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

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