2015 (9) TMI 54 - SCH - Income Tax

Share application money - Addition u/s 68 - Held that - The assessee has not been able to establish the identity, creditworthiness of the share applicants and the genuineness of the transaction - The surrounding circumstances and inquiries made by the Assessing Officer were significant but the said finding have been ignored by the Tribunal - It has failed to take holistic view - See Commissioner of Income Tax Versus N. Tarika Properties Investment Pvt. Ltd. 2013 (11) TMI 1496 - DELHI HIGH COURT - Decided in favour of Revenue.

Summary

Title: Supreme Court of India Judgment 2015 (9) TMI 54 - SC

Judges: Madan B. Lokur and C. Nagappan, JJ.

Representation: Petitioner represented by Y.K. Kapur, K. Kapur, Bhushan Kapur, and Rajinder Mathur, Advocates. Respondent represented by Rupesh Kumar, Ms. Shipra Ghose, and Mrs. Anil Katiyar, Advocates.

Decision: Delay condoned. Special leave petition dismissed.