2012 (1) TMI 185 - SCH - Income Tax

Additions under section 68 - assessee obtained 25 advance licenses from DGFT under DEEC scheme for duty free imports, has grossly over invoiced export of CD ROMs to show its export obligations as having been fulfilled. It was alleged in the aforesaid report that the assessee had partly sold a few of these licenses to various importers for duty free imports - ITAT confirming the order of the CIT(A) in deleting additions.

Summary

The Supreme Court allowed condonation of delay and issued notice for a Review Petition to be filed by the CIT in the Delhi High Court. The Department failed to inform the High Court about pending Writ Petitions.