HC Upholds Deletion of Share Capital Addition Under Section 68

PCIT Vs Narsingh Ispat Ltd. (Calcutta High Court) HC upholds deletion of Addition for Share Capital as identity, creditworthiness of the share applicants and genuineness of the transaction as provided under Section 68 of the Act have been established. In the case of PCIT vs. Narsingh Ispat Ltd., the Calcutta High Court upheld the deletion of additions made under Section 68 of the Income Tax Act concerning share capital. The judgment highlights the establishment of identity, creditworthiness, and genuineness of transactions. Analysis: The appeal before the Calcutta High Court arose from the ord...