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Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Share money as undisclosed income under Income Tax Act: SC dismisses petition, allows reassessment.</h1> The SC dismissed the special leave petition on whether share money can be undisclosed income under Sec. 68 of the Income Tax Act, 1961. The Court held ... Treatment of share application money as undisclosed income under Section 68 of the Income-tax Act - reopening of assessments of alleged shareholders - responsibility of revenue to pursue individual assessments before attributing undisclosed income to the companyTreatment of share application money as undisclosed income under Section 68 of the Income-tax Act - reopening of assessments of alleged shareholders - Share application money received by the assessee-company from alleged bogus shareholders cannot be treated as the company's undisclosed income without the revenue pursuing assessments of those alleged shareholders. - HELD THAT: - The Court held that in the factual scenario where the share application money was said to have been received from alleged bogus subscribers whose names were supplied to the assessing officer, the proper course for the revenue is to proceed to reopen and adjudicate the individual assessments of those alleged shareholders in accordance with law. Since the departmental remedy against the purported subscribers remains open, there is no infirmity in the impugned judgment which declined to treat the receipts as the assessee-company's undisclosed income under the provision relied upon. The petition therefore lacked merit insofar as it sought to fasten undisclosed income on the company without the revenue first examining and deciding the position of the alleged subscribers.Special leave petition dismissed, subject to the revenue being at liberty to reopen and decide the individual assessments of the alleged shareholders.Final Conclusion: The appeal was dismissed; the Court affirmed that the Department may reopen and pursue assessments of the alleged bogus shareholders, and therefore there was no ground to treat the share application money as the assessee-company's undisclosed income in the impugned order. The Supreme Court dismissed a special leave petition regarding whether share money can be considered undisclosed income under Sec. 68 of the Income Tax Act, 1961. The Court found no merit in the petition as the Department can proceed to re-open individual assessments of alleged bogus shareholders.
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