TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>SC upholds AO's assessment under Section 68 and 115BBE; no error found in unexplained creditors and liabilities</h1> <h3>THE PRINCIPAL COMMISSIONER OF INCOME TAX 1 Versus VIJAY ANANDBHAI CHAVADA</h3> The SC dismissed the Special Leave Petition challenging the HC's decision upholding the AO's assessment under section 68 read with section 115BBE. The ... Revision u/s 263 - as per CIT AO having erred in not charging tax u/s. 68 r.w.s.115BBE on the additions of unexplained creditors and liabilities - as decided by HC [2023 (8) TMI 1652 - GUJARAT HIGH COURT] PCIT did not controvert the factual assertion made by the assessee that amount represented opening balances from earlier years and from trade creditors of the assessee and the evidence placed on record by the assessee in support thereof by proving the source and genuineness of the trade creditors the amount cannot be said that the assessee has failed to discharge the onus of proving the genuineness of such trade creditors of M/s.Bajrang Cotton which is required u/s 68. HELD THAT:- In the facts and circumstances of the case, we are not satisfied that any case for interference is made out. Accordingly, the Special Leave Petition is dismissed. Pending applications, if any, shall stand disposed of. The Supreme Court, with Hon'ble Justices Pankaj Mithal and Prasanna B. Varale presiding, heard the petitioner's counsel and subsequently condoned the delay. However, the Court held that 'we are not satisfied that any case for interference is made out,' and accordingly dismissed the Special Leave Petition. All pending applications were disposed of.
TaxTMI 
TaxTMI 
