2020 (1) TMI 1529 - SCH - Income Tax

Addition u/s 68 - discharge of onus - parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were not traced - as per HC on voluminous documentary evidence, only because those persons had not appeared before the AO would not negate the case of the Assessee - HELD THAT - As petitioner, on instructions issued by the Department of Revenue, Ministry of Finance vide F.No.390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications are dismissed as withdrawn, leaving question(s) of law open.

Summary

The Supreme Court allowed the petitioner to withdraw the special leave petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving questions of law open.