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| The Tax Publishers2020 TaxPub(DT) 3396 (SC) INCOME TAX ACT, 1961
Section 261 Section 263
Where the Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT-9 New Delhi v. M/s. VNG Packaging (P) Ltd. [ITA No. 693/2019, dt. 26-7-2019] : 2019 TaxPub(DT) 6098 (Del-HC), whereby the High Court held that Tribunal noted that AO did undertake a detailed inquiry and therefore, it could not be said that he failed to investigate the genuineness and creditworthiness of the source of funds, that there was no requirement to examine the creditworthiness of any sum advanced or invested because in fact, there was no transaction in terms of cash/money, thus, interpretation placed by Tribunal on section 68, its reasoning and conclusions in order were consistent with the legal position and could not be said to be suffering from any legal infirmity, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Revision under section 263 - Validity--Pr.CIT required AO to revisit assessment made earlier of assessee under section 147/143(3)--Addition under section 68
Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT-9, New Delhi v. VNG Packaging (P) Ltd. [ITA No. 693/2019, dt. 26-7-2019] : 2019 TaxPub(DT) 6098 (Del-HC), whereby the High Court held that Tribunal noted that AO did undertake a detailed inquiry and therefore, it could not be said that he failed to investigate the genuineness and creditworthiness of the source of funds, that there was no requirement to examine the creditwortiness of any sum advanced or invested because in fact, there was no transaction in terms of cash/money, thus, interpretation placed by Tribunal on section 68, its reasoning and conclusions in order were consistent with the legal position and could not be said to be suffering from any legal infirmity. Held: The Supreme Court dismissed the SLP.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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