The Tax Publishers2019 TaxPub(DT) 6918 (SC)

INCOME TAX ACT, 1961

Section 261 Section 68

Where assessee filed , with delay, application for restoration of SLP against the judgment of Calcutta High Court DRB Exports (P.) Ltd. v. CIT [ITAT No. 218 of 2016 & GA No. 764 of 2018 dt.7-5-2018] : TaxPub(DT) 2724 (Cal-HC) holding that assessee had submitted that the investors had moved out from the cities, although it was curious as to how twenty-one shareholders would leave the city within a few years of applying such shares, therefore, share application money was rightly added by AO as unexplained cash credit under section 68, the Supreme Court condoned delay in filing the restoration application and directed the Registry to restore SLP to its original number, subject to deposit of cost of Rs. 5,000 with Supreme Court Staff Welfare Association within four weeks from date of Order.

Appeal (Supreme Court) - Application for restoration of SLP - Condonation of delay - Addition under section 68

Assessee filed , with delay, application for restoration of SLP against the judgment of Calcutta High Court DRB Exports (P.) Ltd. v. CIT [ITAT No. 218 of 2016 & GA No. 764 of 2018 dt.7-5-2018] : TaxPub(DT) 2724 (Cal-HC) holding that assessee had submitted that the investors had moved out from the cities, although it was curious as to how twenty-one shareholders would leave the city within a few years of applying such shares. Therefore, share application money was rightly added by AO as unexplained cash credit under section 68. Held: The delay in filing the restoration application was condoned and petition was restored to its original number, subject to payment of costs of Rs. 5,000 with the Supreme Court Secretarial Staff Welfare Association within four weeks from date of order. If the costs are not deposited within four weeks, then this order cease to operate and the matter would be deemed to have been dismissed. Subject to deposit of costs, as aforesaid, the application for restoration was allowed.

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