Investments Accepted in Earlier Scrutiny Cannot Be Treated as Bogus u/s 68 on Sale

Ramchandra Ingot India Private Limited Vs DCIT (ITAT Kolkata) Investments Accepted in Earlier Scrutiny Cannot Be Treated as Bogus u/s 68 on Sale—5% Profit Estimation by CIT(A) Deleted; The assessee and the Revenue filed twelve cross-appeals for AYs 2016-17 to 2021-22 against separate orders of CIT(A)-27, Kolkata. The central dispute arose from additions made u/s 68 treating sale proceeds of unlisted equity shares (originally held by two amalgamating companies—M/s Jyani Agencies Pvt Ltd & M/s Jyani Dealers Pvt Ltd) as unexplained cash credits, on the allegation that these were shell ent...