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| The Tax Publishers2020 TaxPub(DT) 1713 (SC) : (2020) 271 TAXMAN 0029 INCOME TAX ACT, 1961
Section 261 Section 68
Where department preferred SLP to appeal against the order of Bombay High Court in CIT v. Orchid Industries (P) Ltd. (2017) 397 ITR 136 (Bom.) : 2017 TaxPub(DT) 1911 (Bom-HC), whereby High Court held that assessee had produced PAN of all creditors and the record regarding issuance of shares, i.e., allotment of shares to these parties, their shares application forms, allotment letters and share certificate and books of account and assesee had proved the identity of creditors and the genuineness of the transaction therefore, only because those persons had not appeared before the AO, no case was made under section 68 against the assessee, the Sureme Court dismissed the SLP as withdrawn due to low tax effect, however, leaving the question of law open.
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Appeal (Supreme Court) - Special leave petition - Income from undisclosed sources - Addition under section 68--Genuineness and creditworthiness of creditors--Share application money
Department preferred SLP to appeal against the order of Bombay High Court in CIT v. Orchid Industries (P) Ltd. (2017) 397 ITR 136 (Bom.) : 2017 TaxPub(DT) 1911 (Bom-HC), whereby the High Court held that assessee had produced PAN of all creditors and the record regarding issuance of shares, i.e., allotment of shares to these parties, their shares aplication forms, allotment letters and share certificate and books of account and assessee had proved the identity of creditors and the genuineness of the transaction therefore, only because those persons had not appeared before the AO, no case was made under section 68 against the assessee. 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 2-8-2019, sought permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. The special leave petition and pending application were dismissed as withdrawn leaving question(s) of law open.
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