2014 (4) TMI 1283 - SCH - Income Tax

Unexplained investment - NRI company made share subscription to the capital of respondent - A.O. directed addition of the amount of share subscription to assessee's income due to doubt ob crediworthiness of subscriber company - HC held that if assessee Company having received subscriptions and furnished complete details of the shareholders, no addition could be made under section 68 in the absence of any positive material or evidence to indicate that the shareholders were benamidars or fictitious persons or that any part of the share capital represented company's own income from undisclosed sources - HELD THAT - Delay condoned. Appeal Dismissed.

Summary

The Supreme Court of India in 2014 (4) TMI 1283 case, with Hon'ble Mr. Justice H.L. Dattu and Hon'ble Mr. Justice S.A. Bobde, condoned the delay and dismissed the case as the respondent did not appear.