2020 (2) TMI 273 - SCH - Income Tax

Addition u/s 68 - expansion of scope of primary onus - unexplained credit entries /share capital - non discharge of initial onus of proof by assessee to establish by cogent and reliable evidence of the identity of the investor companies, the credit-worthiness of the investors, and genuineness of the transaction - HELD THAT - The basic issue as framed in para 3.4 of the Judgment 2019 (3) TMI 323 - SUPREME COURT was considered in the light of the facts on record. After noting the relevant decisions, the emerging principles were set out in para 11, in the light of which the facts were considered from para 12 onwards. Finally, the conclusions drawn by the Assessing Officer were found to be correct and it was found that the lower Appellate Authorities had erred in interfering with such conclusions. The Appeal was, therefore, allowed and the order passed by the Assessing Officer was restored. We have gone through the contents in the Review Petition and do not find any substance in the submissions raised therein.

Summary

The Supreme Court rejected the application for open court oral hearing. There was a delay of 228 days in filing the Review Petition, but it was condoned. The Appeal was allowed, and the order passed by the Assessing Officer was restored. The Review Petition was dismissed as it lacked substance.