2019 (3) TMI 2078 - SCH - Income Tax

Reopening of assessment - addition u/s 68 - unexplained credit entries /share capital - non discharge of initial onus of proof by assessee to establish by cogent and reliable evidence of the identity of the investor companies the credit-worthiness of the investors and genuineness of the transaction - HELD THAT - Civil Appeal is allowed in terms of the signed reportable judgment.

Summary

The Supreme Court allowed the Civil Appeal in a judgment pronounced by Hon'ble Ms. Justice Indu Malhotra, with Hon'ble Mr. Justice Uday Umesh Lalit. Leave was granted and pending applications were disposed of. (Citation: 2018 (3) TMI 1736 - SC Order)