2023 (8) TMI 772 - SCH - Income Tax

Validity of Assessment u/s 153A - addition for bogus unsecured loan and bogus LTCG/ STCG - incriminating materials found at the time of search/ survey or not? - HELD THAT - Having heard learned counsel appearing on behalf of the petitioner(s) and having gone through the reasoning given by the High Court on incriminating material found and thereafter assessment under Section 153-A of the Income Tax Act, 1961, in the facts and circumstances of the case, no interference of this Court is called for in exercise of powers under Article 136 of the Constitution of India. The Special Leave Petitions stand dismissed. Pending application(s) shall stand disposed of.

Summary

The Supreme Court of India dismissed the Special Leave Petitions concerning incriminating material found during assessment under Section 153-A of the Income Tax Act, 1961. The delay was condoned, and pending applications were disposed of.