Dismissing the appeal the Court held that in remand report, after examination of all share applications, Assessing Officer had concluded that transactions with all shareholders were duly cross-verified and found in order. Accordingly the order of Tribunal is affirmed. (AY. 2006-07)
PCIT v. Ambition Agencies (P.) Ltd. (2022) 284 Taxman 538 (Cal.)(HC)
S. 68 : Cash credits-Share capital and share premium-All share holders are duly cross verified-Deletion of addition is held to be justified.