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of <h1>Special leave petition dismissed; factual disputes over transaction genuineness and lack of documentary proof precluded reopening tax additions</h1> SC dismissed the special leave petition, refusing to interfere with the HC/ITAT findings. The court held that the genuineness of the alleged transactions ... Deemed Income u/s 41 - Outstanding liability - Addition of the amounts reflected as payable to two banks - AO concluded that the outstanding balance, as reflected, was not genuine and, accordingly, added the same to the returned income of the Assessee. CIT(A) accepted the Assessee’s contention and deleted the said addition. As decided by HC [2025 (5) TMI 1334 - DELHI HIGH COURT] ITAT did not accept the Assessee’s contention, primarily due to a lack of sufficient evidence, and there was no material on record to show that the Assessee had, in fact, received the goods, which were subsequently returned.The impugned order also does not reflect that any documentary evidence was produced by the Assessee to establish the said transactions as claimed. Thus, question whether the transactions, as claimed by the Assessee, existed and were genuine are questions of fact. We are unable to find that the decision of the learned ITAT suffers from any perversity or patent illegality. HELD THAT:- Having heard the learned counsel appearing for the petitioner and having gone through the materials on record, we find no good ground to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed. Delay in filing was condoned and the exemption application was allowed. After hearing learned counsel for the petitioner and perusal of the record, the Court found 'no good ground to interfere with the impugned order passed by the High Court.' Consequently, the 'Special Leave Petition is, accordingly, dismissed.' Pending applications, if any, were also disposed of. The order reflects deference to the High Court's ruling and affirms that the High Court's decision will not be disturbed on the material before this Court.
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