The Hon’ble Supreme Court dismissed the SLP filed by the Department on the ground of low tax effect in a matter wherein the High Court held that in the absence of any incriminating material found during search, there was no occasion for the AO to make an addition on the basis of unexplained cash credit. However, without going into the merits of the case, the SLP came to be dismissed due to a low tax effect. (AY. 2008-09)
PCIT v. Ahinsa Vinimay [2025] 302 Taxman 359 (SC). Editorial : PCIT v. Ahinsa Vinimay (P.) Ltd. [2024] 169 taxmann.com 134 (Orissa)(HC)
S. 68: Cash credits-AO made additions towards consideration received by assessee on sale of shares-Assessee had duly disclosed receipt of capital gains and offered for tax-No occasion for making addition-SLP to be dismissed on ground of low tax effect. [S. 153A, Art. 136].
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