https://www.taxtmi.com/caselaws?id=330714 The High Court of Calcutta upheld the decision of the Income Tax Appellate Tribunal to delete the addition of Rs. 1.5 crores in the assessment year 2002-03. The Court found the resolution passed by the Board of Directors altering the conditions of the agreement to be valid, supporting the assessee's position. As the transaction was deemed genuine and the resolution to remit the sum was evidenced, the addition made by the Assessing Officer was considered unjustified. The appeal was dismissed, and each party was ordered to bear their own costs. en-us Mon, 11 Jul 2016 00:00:00 +0530 Tue, 30 Aug 2016 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330714 The High Court of Calcutta upheld the decision of the Income Tax Appellate Tribunal to delete the addition of Rs. 1.5 crores in the assessment year 2002-03. The Court found the resolution passed by the Board of Directors altering the conditions of the agreement to be valid, supporting the assessee's position. As the transaction was deemed genuine and the resolution to remit the sum was evidenced, the addition made by the Assessing Officer was considered unjustified. The appeal was dismissed, and each party was ordered to bear their own costs. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330714