High Court upholds Tribunal decision on deletion of Rs. 1,55,604 addition for assessment year 2002-03

The High Court of Allahabad upheld the Income Tax Tribunal's decision to delete the addition of Rs. 1,55,604 for the assessment year 2002-03, as it was deemed to be the initial value of shares purchased by the assessee. The appeal was dismissed.

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The High Court of Allahabad ruled in 2010 that the Income Tax Tribunal was correct in deleting the addition of Rs. 1,55,604 for assessment year 2002-03. The Tribunal found that this amount was the initial value of shares purchased by the assessee. The appeal was dismissed.

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