2012 (9) TMI 950 - SCH - Income Tax

Addition u/s 68 - Cash Credit - Unexplained share application money - assessee has not been able to give satisfactory explanation in respect of certain expenditure or where any sum is found credited in the books of accounts the AO can treat the same as undisclosed income and add to the income of the assessee.

Summary

The Supreme Court dismissed the special leave petition after condoning the delay. The citation is 2012 (9) TMI 950 - SC. The High Court reference is 2011 (12) TMI 394 - Delhi High Court. The presiding judge was Mr. Justice A.K. Patnaik. Petitioner's counsel included Mr. Rakesh Khanna, ASG, Mr. Chandra Bhushan Prasad, Ms. Padmalakshmi Nigam, and Ms. Anil Katiyar.