Calcutta HC says on Section 68 that Suspicion Alone Cannot Defeat Share Sale Evidence

The Calcutta High Court dismissed the Revenue’s appeal against deletion of a ₹9.32 crore addition relating to the sale of unlisted shares. The Tribunal had considered the transaction documents, banking records, purchaser confirmations and other supporting evidence. Allegations that the purchasers were shell entities, without independent evidence linking the proceeds to the assessee’s undisclosed money, did not justify interference under Section 260A.