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Reassessment Quashed Due to Change of Opinion on Share Capital Scrutiny
Case Law Details
- Case Name
- PCIT Vs South Delhi Promoters Ltd. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All High Courts, Delhi High Court
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PCIT Vs South Delhi Promoters Ltd. (Delhi High Court)
The Delhi High Court dismissed the Revenue’s appeal against an order of the Income Tax Appellate Tribunal relating to Assessment Year 2007–08, thereby affirming the deletion of an addition of ₹16.88 crore made under Section 68 of the Income-tax Act, 1961. The addition pertained to share application money received by the assessee. Earlier, the Commissioner of Income Tax (Appeals) had deleted the addition on merits, which was upheld by the Tribunal.
The Tribunal had also allowed the assessee’s cross objections challenging the jurisd...
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