2008-VIL-59-SC-DT

Equivalent Citation: [2008] 216 CTR 195 (SC), 2010 (14) SCC 761, (2009) 319 ITR 5

Supreme Court of India

CC 11993/2007

Date: 11.01.2008

COMMR. OF INCOME TAX

Vs

M/s LOVELY EXPORTS (PVT) LTD

For the Petitioner(s) : Mr. V. Shekhar, Sr.Adv., Mr. Chinmoy Pradip Sharma, Adv. and Mr. B.V. Balaram Das, Adv.
For the Respondent(s) : None

BENCH

MR. S.H. KAPADIA AND MR. B. SUDERSHAN REDDY JJ.

JUDGMENT

Delay condoned.

Can the amount of share money be regarded as undisclosed income under Section 68 of Income Tax Act, 1961?

We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee-Company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment.

Subject to the above, Special Leave Petition is dismissed.

 

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