2018 (2) TMI 606 - SCH - Income Tax

Addition u/s 68 - Held that - SLP dismissed. The findings of fact recorded therein were correctly held by the impugned judgment not to raise any substantial question of law. HC order confirmed 2014 (4) TMI 485 - BOMBAY HIGH COURT . HC has held that Entries on the basis of cash books were written and maintained systematically - they were in the books of accounts of the assessee in respect of his unaccounted business - it cannot be said that the books indicated any amount in the nature of cash credit in the hands of the assessee as defined by Section 68. Tribunal rightly came to the conclusion that the provision of Section 68 could not have been invoked - Decided against Revenue.

Summary

The Supreme Court dismissed the Special Leave Petitions after finding that the findings of fact recorded by the Income Tax Appellate Tribunal did not raise any substantial question of law. Pending applications were disposed of.