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of <h1>ITAT decision upheld deleting section 68 additions for alleged bogus share capital and premium transactions</h1> The HC upheld the ITAT's decision to delete additions made under section 68 regarding alleged bogus share capital and share premium transactions. The ITAT ... Addition u/s 68 - Bogus share capital / share premium -accommodation entry receipts - ITAT addition addition - HELD THAT:- Tribunal has extensively quoted the factual findings recorded by the CIT(A) upon appreciation of the documents which were placed by the assessee as well as the group companies. Tribunal after referring to the finding recorded by CIT(A) has on its part re-examined the factual position and found that no case has been made out for addition u/s 68 of the Act. No substantial question of law. The Calcutta High Court, in an appeal under Section 260A of the Income Tax Act, 1961, dismissed the revenue's challenge to the Income Tax Appellate Tribunal's order for AY 2012-13. The revenue contended that the Tribunal erred by not upholding an addition of Rs. 3 crore under Section 68 on account of alleged accommodation entries and by failing to consider a relevant Division Bench judgment dated April 23, 2024. The Tribunal had affirmed the Commissioner of Income Tax (Appeals)'s findings after a detailed factual appraisal, concluding that no addition under Section 68 was warranted. The High Court held that 'there is no substantial question of law arising for consideration' and accordingly dismissed the appeal.
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