2024 (7) TMI 1502 - SCH - Income Tax

Maintainability of SLP on low tax effect - Reopening of assessment - addition u/s 68 - as decided by HC 2018 (3) TMI 2043 - GUJARAT HIGH COURT reasons recorded by the AO and found discrepancies in linking the unsecured loans to subsequent share capital conversion. The lack of a clear connection between the transactions led to the setting aside of the notice. HELD THAT - The submission of learned senior counsel for the petitioner is placed on record. In the circumstances, the Special Leave Petition is dismissed owing to low tax effect vide Notification dated 08.08.2019.

Summary

The Supreme Court dismissed the Special Leave Petition due to low tax effect as per Notification dated 08.08.2019. Pending applications were disposed of.