2024 (11) TMI 537 - SCH - Income Tax

Assessment u/s 153A - Addition u/s 68 - addition was supposed to be made on the basis that the amount shown has been received by the Assessee towards sale consideration of shares held by the Assessee was in fact received as loans - as decided by HC 2022 (4) TMI 1643 - ORISSA HIGH COURT once it is found that the Assessee had duly disclosed the receipt of capital gains in the regular books of account and offered capital gains to tax which had also been accepted by the Revenue, there was no occasion to make addition on the basis of unexplained cash credit - HELD THAT - As instant Special Leave Petition involves low tax effect. In view of the statement made, the Special Leave Petition is dismissed on the ground of low tax effect.

Summary

The Supreme Court dismissed the Special Leave Petition due to low tax effect. Delay in filing and refiling was condoned. Pending applications were disposed of. Petitioner represented by Mr. Raghavendra P Shankar.