2021 (9) TMI 57 - SCH - Income Tax

Addition u/s 68 - unexplained share capital receipts - Onus to prove - whether evidence against the assessee lies and the assessee failed to discharge his initial burden on this account - Tribunal shifting the responsibility of proving genuineness of share application money to the Assessing Officer - whether mere furnishing list of person who have claimed to have advanced towards share capital thus constitute sufficient compliance on the part of the assessee? - HC held that assessee did not discharge the primary onus cast upon them, the question of the Assessing Officer to investigate the creditworthiness of the creditors/subscribers would not arise in the case on hand - HELD THAT - We are not inclined to interfere in this Special Leave Petition. The Special Leave Petition is dismissed accordingly.

Summary

The Supreme Court dismissed the Special Leave Petition and disposed of any pending applications. Justices A.M. Khanwilkar and Sanjiv Khanna presided over the case. Petitioner represented by Mr. Pratap Venugopal and others.