2021 (7) TMI 1335 - SCH - Income Tax

Addition u/s 68 - Unexplained loan - addition based on recording statements under Section 131 - statement was later on retracted by the Assessee, but the time gap between the such retraction and the said statement is more than one year - HC held we cannot find any fault with the findings concurrently rendered by the three authorities below, that the said addition deserves to be made under Section 68 - Merely because other two loan transactions, with two other persons was believed to be genuine and additions were set aside, that is not a sufficient ground to hold that a similar treatment should have been given with respect to the alleged loan transaction of M/s.AR.Com also - HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the special leave petition as they were not inclined to interfere with the impugned order. The pending application stands disposed of.