{"id":59547,"date":"2026-04-17T12:04:46","date_gmt":"2026-04-17T06:34:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pr-cit-v-one-point-commercial-p-ltd-2025306-taxman-7-cal-hc\/"},"modified":"2026-04-17T12:04:46","modified_gmt":"2026-04-17T06:34:46","slug":"pr-cit-v-one-point-commercial-p-ltd-2025306-taxman-7-cal-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pr-cit-v-one-point-commercial-p-ltd-2025306-taxman-7-cal-hc\/","title":{"rendered":"Pr. CIT v. One Point Commercial (P.) Ltd. (2025)306 Taxman 7 (Cal.)(HC)"},"content":{"rendered":"<p>The assessee satisfied the Tribunal as to the\u00a0<strong>identity and creditworthiness<\/strong>\u00a0of the share applicant companies. In examining the creditors of the share applicant companies, the Tribunal perused the share applicant companies\u2019 <strong>financial statements<\/strong>\u00a0and noted that they possessed\u00a0<strong>sufficient funds<\/strong>, and that the amounts invested in the purchase of shares were\u00a0<strong>negligible in comparison to their overall creditworthiness<\/strong>. The Tribunal further observed that the\u00a0<strong>source of the share application money<\/strong>\u00a0had already been\u00a0<strong>taxed in the hands of the share applicants<\/strong>, and therefore, taxing the same amount again in the hands of the assessee company would amount to\u00a0<strong>double taxation<\/strong>. Accordingly, it was held that\u00a0<strong>no substantial question of law<\/strong> arose for consideration in the appeal. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.68: Cash credits-Share Capital-Identity and creditworthiness of Share applicant companies-Financial statements-Deletion of addition affirmed. [S. 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59547","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fur","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59547"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59547\/revisions"}],"predecessor-version":[{"id":59548,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59547\/revisions\/59548"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}