2024 (7) TMI 907 - SCH - Income Tax

Penalty u/s 271(1)(c) - sundry credits as claimed by the assessee has not been substantiated before the AO - as decided by HC 2024 (1) TMI 1302 - PATNA HIGH COURT mere disclosure of the name and address of the sundry creditors cannot lead to substantiation of the credits especially when there was no evidence produced regarding the transactions which led to the credit - HELD THAT - After having heard the learned counsel appearing for the petitioner, we find no error in the view taken by the High Court. The Special Leave Petition is accordingly dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after finding no error in the view taken by the High Court. The pending application was also disposed of.