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| The Tax Publishers2020 TaxPub(DT) 1636 (SC) : (2020) 269 TAXMAN 0565 INCOME TAX ACT, 1961
Section 261 Section 69C
Where the Department preferred SLP to appeal against the judgment of Calcutta High Court in Pr. CIT, Burdwan v. Subarna Rice Mill [ITAT No. 196 of 2015 & GA No. 4047 of 2015, dt. 20-6-2018] : 2018 TaxPub(DT) 5364 (Cal-HC), whereby the High Court held that when undisclosed purchases are discovered, it is only the profit embedded in the transaction whcih can be added to the total income under section 69C. The quantum as ascertained by Tribunal was set aside and the order of CIT(A) in such regard was restored. The Supreme Court dismissed the SLP as withdrawn, leaving the question of law open.
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Appeal (Supreme Court) - Special leave petition - Income from undisclosed sources - Addition under section 69C--Unexplained purchases
Department preferred SLP to appeal against the judgment of Calcutta High Court in Pr. CIT, Burdwan v. Subarna Rice Mill [ITAT No. 196 of 2015 & GA No. 4047 of 2015, dt. 20-6-2018] : 2018 TaxPub(DT) 5364 (Cal-HC), whereby the High Court held that when undisclosed purchases are discovered, it is only the profit embedded in the transaction whcih can be added to the total income under section 69C. The quantum as ascertained by Tribunal was set aside and the order of CIT(A) in such regard was restored.Held: Counsel for the petitioner, on instructions issued by the Department of Revenue, Ministry of Finance Vide F.No. 390/Misc./116/2017-JC, dated 22-8-2019, sought permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications were dismissed as withdrawn, leaving question(s) of law open.
REFERRED :
FAVOUR : SLp dismissed as withdrawn.
A.Y. :
IN THE SUPREME COURT OF INDIA
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