2015 (9) TMI 55 - SCH - Income Tax

Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits Held that - Revenue authorities as well as the Tribunal found the entire transaction not genuine. There was sufficient evidence on record to suggest that in case of all the depositors their bank accounts contained meager balance shortly before sizable amount of Rs. 1 lakh and upward were given to the assessee through such account. In such bank accounts cash amounts were credited and immediately entire amounts were withdrawn through issuance of such cheques in favour of the assessee - It was noticed that such creditors did not maintain any books of account. Nowhere their capacity to raise such amount for drawing cheque of sizable amounts was established - Very genuineness of the transaction was not established as decided by HC 2013 (10) TMI 154 - GUJARAT HIGH COURT Decided against the Assessee.

Summary

Title: Supreme Court dismisses Special Leave Petition

Court: Supreme Court of India

Judges: Mr. ANIL R. DAVE AND MR. DIPAK MISRA, JJ.

Petitioner's Counsel: Mr. Nikhil Goel, Ms. Naveen Goel, Mr. Marsook Bafaki

Respondent: Not specified

Decision: Delay condoned. Special Leave Petition dismissed.