Share Capital from Alleged Shell Companies Accepted as Genuine: ITAT quashes Income Tax Revision u/s 263

The ITAT has "quashed an income tax revision" and "accepted as genuine" a "share capital from alleged shell companies." This is a significant ruling that provides clarity on the legal standing of claims made by the EPFO during the corporate insolvency resolution process. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person.