2019 (9) TMI 203 - SCH - Income Tax

Addition u/s 56(1) - unaccounted money of the assessee company which have been introduced in the garb of share application money - ITAT correctly upholding the decision of the CIT(A) in deleting the addition - HELD THAT - Since the tax effect involved in the matter is less than two crores as stipulated in the latest CBDT Circular dated 8.8.2019, no interference is called for. The special leave petition is dismissed.

Summary

The Supreme Court dismissed the special leave petition as the tax effect was less than two crores, as per the CBDT Circular dated 8.8.2019. Delay was condoned, and pending applications were disposed of.