2021 (3) TMI 196 - SCH - Income Tax

Undisclosed payment - Addition based on seized material - assessee never provided the details of the transaction either during the course of assessment proceedings or thereafter and the assessee was in the exclusive knowledge - close business relationship between the assessee and PA - Tribunal held that the said amount may be demanded by the assessee but there was no evidence of the same having been paid as confirmed by HC - HELD THAT - SLP dismissed.

Summary

Title: Supreme Court dismisses special leave petition

Judges: Hon'ble Mr. Justice Ashok Bhushan, Hon'ble Mr. Justice R. Subhash Reddy, Hon'ble Mr. Justice M.R. Shah

Petitioner's Counsel: Mr. Jayant K. Sud, Mr. Sreekumar C.N., Ms. Gargi Khanna, Mr. Abhishek Atrey, Mrs. Anil Katiyar

Decision: Delay condoned. Special leave petition dismissed. Pending application(s) disposed of.