Karnataka HC Upholds ITAT Deletion of ₹7 Crore Section 68 Addition on Share Sale

PCIT Vs The Hamlet (Karnataka High Court)

In a recent ruling, the Karnataka High Court dismissed an appeal by the Principal Commissioner of Income Tax (PCIT), upholding an Income Tax Appellate Tribunal (ITAT) decision concerning a ₹7 crore share sale. The court affirmed that the transaction was genuine and could not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The case, PCIT Vs The Hamlet, pertained to the assessment year 2012-2013.

The dispute arose after the assessee, The Hamlet, reported a short-te

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