No Substantial Question of Law: Calcutta HC Dismisses Revenue’s Appeal in Section 68 Case

PCIT Vs Maninya Comfin Pvt. Ltd. (Calcutta High Court) Calcutta High Court has dismissed an appeal filed by the revenue, challenging an order from the Income Tax Appellate Tribunal (ITAT) concerning an assessment for the financial year 2012-13. The case, PCIT Vs Maninya Comfin Pvt. Ltd., centered on additions made under Section 68 of the Income Tax Act, 1961. The revenue had raised two substantial questions of law. The first questioned whether the ITAT erred in deleting an addition of Rs. 7,96,16,343/- made under Section 68 for unexplained share capital and share premium, arguing that the sect...