2020 (1) TMI 520 - SCH - Income Tax

Additions u/s 68 - allotment of share capital - as stated that when liability has been created equal to amount of assets transferred and shares allotted in settlement of this liability, there can be no addition under Section 68 of the said Act as unexplained cash credit - tribunal further held that, value of shares allotted to individuals would amount to unexplained cash credit - HELD THAT - No reason to interfere with the impugned judgment and order. The Special Leave Petition is dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition without interference with the impugned judgment and order. Pending applications, if any, are disposed of.