Section 68 Addition Rejected After Remand Report Confirmed Sale of Investments: Calcutta HC

PCIT Vs Tulsyan And Sons Private Limited (Calcutta High Court) The Revenue filed an appeal under Section 260A of the Income-tax Act, 1961 before the Calcutta High Court challenging the order of the ITAT Kolkata affirming the order of the Commissioner of Income Tax (Appeals) deleting an addition of Rs. 2,65,00,000 made under Section 68 of the Act. The issue before the High Court was whether the Tribunal had erred in upholding the deletion of the addition made on account of alleged unexplained cash credit. The Assessing Officer had invoked Section 68 on the ground that the assessee had failed to...