Section 68 Addition Deleted as Revenue Failed to Prove Round-Tripping by Assessee

PCIT Vs Livros Publishing Pvt. Ltd. (Allahabad High Court) Share Capital Addition Invalid as Assessee Was Only Recipient of Investment; No Section 68 Addition Without Evidence That Assessee Routed Its Own Money Through Investor; High Court Upholds Deletion of Share Premium Addition Due to Lack of Direct Evidence; High Share Premium Alone Not Enough for Section 68 Addition. The Allahabad High Court dismissed the Revenue’s appeal against the order of the Income Tax Appellate Tribunal (ITAT), which had upheld the decision of the Commissioner of Income Tax (Appeals) deleting an addition made und...