https://www.taxtmi.com/caselaws?id=770562 The Calcutta HC upheld ITAT's decision deleting addition under Section 68 for unexplained cash credit. The case involved share subscribers whose identity and creditworthiness were questioned by revenue authorities. The CIT(A) conducted detailed examination including two remand reports, finding the assessee company showed good returns with earnings per share growing from 2.5 times to 16% on Rs. 10 shares, demonstrating it was a profitable growing company. The tribunal re-examined factual aspects with complete documentation and concluded CIT(A) was justified in deleting the Section 68 addition, rejecting revenue's contention about unduly high premium charges. en-us Tue, 06 May 2025 00:00:00 +0530 Tue, 13 May 2025 09:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770562 The Calcutta HC upheld ITAT's decision deleting addition under Section 68 for unexplained cash credit. The case involved share subscribers whose identity and creditworthiness were questioned by revenue authorities. The CIT(A) conducted detailed examination including two remand reports, finding the assessee company showed good returns with earnings per share growing from 2.5 times to 16% on Rs. 10 shares, demonstrating it was a profitable growing company. The tribunal re-examined factual aspects with complete documentation and concluded CIT(A) was justified in deleting the Section 68 addition, rejecting revenue's contention about unduly high premium charges. Case-Laws Income Tax Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770562