2019 (8) TMI 1830 - SCH - Income Tax

Addition u/s 68 - failure to discharge burden of proof in proving the cash credits - whether the explanation furnished in the opinion of the Assessing Officer is satisfactory or not? - As per HC satisfaction of the officer no doubt has to be based on the material so placed by the parties, which in the instant case is there. Formation of opinion has to be after accounting for all the factors and that too on objective consideration of which we have no doubt - HELD THAT - We do not see any reason to interfere in the matter. The special leave petitions are, accordingly, dismissed.

Summary

The Supreme Court of India, in a judgment by Mr. Uday Umesh Lalit and Mr. Vineet Saran, JJ., dismissed the special leave petitions as they did not see any reason to interfere in the matter. Pending application(s) shall stand disposed of. (2019 (8) TMI 1830 - SC Order)