SC Upholds Section 68 Relief as Concurrent Findings Were Not Perverse

PCIT Vs Hi-Tech Residency Pvt. Ltd. (Supreme Court of India) The matter arose from the Revenue’s challenge to the Income Tax Appellate Tribunal (ITAT) order for Assessment Year 2009-10 relating to additions made under Section 68 of the Income-tax Act. The issues concerned deletion of an addition of ₹1.30 crore towards share capital, reduction of an addition relating to unsecured loans of ₹1,00,01,000 to ₹5,01,000, and deletion of an addition of ₹15 lakh received as earnest money. Read Delhi HC Judgment: Delhi HC Dismisses Section 68 Appeal as Revenue Failed to Show Findings Were...