Income Tax Department appeals dismissed; share allotment not added to company income. Tribunal rules in favor based on evidence.

The High Court of Allahabad dismissed appeals by the Income Tax Department regarding the addition of share allotment amount to the income of a company, finding no merit in the appeals. The Tribunal ruled in favor of the company based on evidence provided, including names, addresses, PAN details, and board resolutions.

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The High Court of Allahabad dismissed appeals by the Income Tax Department regarding the addition of share allotment amount to the income of a company, finding no merit in the appeals. The Tribunal ruled in favor of the company based on evidence provided, including names, addresses, PAN details, and board resolutions.

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