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| The Tax Publishers2019 TaxPub(DT) 7297 (SC) INCOME TAX ACT, 1961
Section 261 Section 153A
Where the department preferred SLP to appeal against the judgment of Madhya Pradesh 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) 408 ITR 561 (MP) : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court held that 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, that ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, and therefore, upeld the order of CIT(A) deleting the additions, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Income from undisclosed sources - Addition under section 68--Share capital receipt
Department preferred SLP to appeal against the judgment of Madhya Pradesh 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) 408 ITR 561 (MP) : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court held that 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, that ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, and therefore, upeld the order of CIT(A) deleting the additions.Held: The Supreme Court dismissed the SLP.
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