Reassessment Quashed Due to Change of Opinion on Share Capital Scrutiny

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...