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Section 68 Addition Deleted as Creditworthiness of Lenders Was Properly Established
Case Law Details
- Case Name
- PCIT Vs Overtop Marketing Pvt. Ltd. (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All High Courts, Calcutta High Court
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PCIT Vs Overtop Marketing Pvt. Ltd. (Calcutta High Court)
The Calcutta High Court condoned a delay of 370 days in filing the Revenue’s appeal under Section 260A of the Income Tax Act, 1961, after finding that sufficient cause had been shown for not filing the appeal within the prescribed limitation period. The appeal challenged the Income Tax Appellate Tribunal’s (ITAT) order for Assessment Year 2015-16, which had deleted an addition of Rs. 4.51 crore under Section 68 and the corresponding disallowance of interest of Rs. 53,70,163. The Revenue contended that the Tr...
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