| The Tax Publishers2019 TaxPub(DT) 1432 (SC) : (2019) 262 TAXMAN 0207 INCOME TAX ACT, 1961
Section 261 Section 68 Section 153A
Where the department preferred SLP to appeal against the judgment of Madhya Prdesh High Court in Pr. CIT v. Chain House International (P) Ltd. [ITA Nos. 112, 110, 111, 113, 114, 115/2018, dt. 7-8-2018] : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court held that the ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of investor companies and held that assessee had discharged primary onus to prove their creditworthiness and genuineness, thus, ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, therefore, deleted the additions,the Supreme Court condoned delay and finding no reason to interfere with the order, dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Income from undisclosed sources - Addition under section 68--Transfer of accounted money in share capital receipt
Department preferred SLP to appeal against the judgment of Madhya Prdesh High Court in Pr. CIT v. Chain House International (P) Ltd. [ITA Nos. 112, 110, 111, 113, 114, 115/2018, dt. 7-8-2018] : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court held that the ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of investor companies and held that assessee had discharged primary onus to prove their creditworthiness and genuineness, thus, ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, therefore, deleted the additions.Held: The Supreme Court condoned delay and finding no reason to interfere with the order, dismissed the SLP.
Affirmed:Pr. CIT v. Chain House International (P) Ltd. [ITA Nos. 112, 110, 111, 113, 114, 115/2018, dt. 7-8-2018] : 2018 TaxPub(DT) 5193 (MP-HC).
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