2014 (4) TMI 1283 - SCH - Income Tax

Supreme Court dismissal due to respondent's non-appearance despite delay condonation.

The Supreme Court of India dismissed the case in 2014 (4) TMI 1283 as the respondent did not appear, despite condoning the delay. - TMI Unexplained investment - NRI company made share subscription to the capital of respondent - A.O. directed addition of the amount of share subscription to assessee's income due to doubt ob crediworthiness of subscriber company - HC held that if assessee Company having received subscriptions and furnished complete details of the shareholders, no addition could be made under section 68 in the absence of any positive material or evidence to indicate that the shareholders were benamidars or fictitious persons or that any part of the share capital represented company's own income from undisclosed sources - HELD THAT:- Delay condoned. Appeal Dismissed. The Supreme Court of India in 2014 (4) TMI 1283 case, with Hon'ble Mr. Justice H.L. Dattu and Hon'ble Mr. Justice S.A. Bobde, condoned the delay and dismissed the case as the respondent did not appear.