2024 (5) TMI 1517 - HC - Income Tax

Addition u/s 68 - unexplained credit in the form of share capital and share premium considering as cash credit - Tribunal deleted addition - HELD THAT - Tribunal considered the correctness of the factual finding recorded by the CIT(A) and reappreciated the materials brought on record including the factual explanation offered by the assessee and granted relief to the assessee. Thus we find that not only first the appellate authority but also the Tribunal has examined the facts in depth and recorded the finding. No substantial question of law arises for consideration in this appeal.

Summary

The Calcutta High Court dismissed the appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal. The appeal raised substantial questions of law regarding additions made under Section 68 of the Act. The Court found that both the Commissioner of Income Tax (Appeals) and the Tribunal had thoroughly examined the factual findings and granted relief to the assessee. As a result, the Court held that no substantial question of law arose for consideration in the appeal, and thus, dismissed the appeal along with the connected application.