ITAT Kolkata deleted ₹9.32 crore addition on alleged bogus share sales

Superdeal Resources Pvt. Ltd. Vs ITO (ITAT Kolkata) ₹9.32 Cr Bogus Share Sale Addition Quashed- Human Probability Can’t Override Evidence – ITAT Kolkata Strikes Down Addition on Share Sale The dispute revolved around the confirmation of addition of ₹9.32 crore by AO u/s 68 read with section 115BBE, treating the proceeds from sale of unlisted shares as unexplained cash credits. Assessee had filed its return of income declaring merely ₹1.94 lakh. During scrutiny, AO concluded that Assessee was not engaged in genuine business activity & that the sale of investments was only a facade...