2019 (1) TMI 227 - SCH - Income Tax

Addition u/s 68 - unexplained cash credit - Held that - The impugned order is modified. The following question which may also be considered in the appeal - (i) Whether on facts and circumstances of the case and in law, the Tribunal was justified in deleting the addition of ₹ 7,53,50,000/- u/s.68 of the Act, being share capital share premium received during the year when the Assessing Officer held the same as unexplained cash credit.

Summary

The Supreme Court condoned the delay and disposed of a special leave petition regarding the deletion of an addition of Rs. 7,53,50,000 under section 68 of the Income Tax Act.