SC Affirms Addition After Assessee Fails to Prove Bank Liabilities as Genuine

Harsha Associates Private Limited Vs DCIT (Supreme Court of India) The Supreme Court of India, after condoning delay and allowing an exemption application, dismissed the Special Leave Petition filed against the Delhi High Court’s decision in the case concerning Assessment Year 2007-08. The Supreme Court found no grounds to interfere with the High Court’s judgment, thereby affirming the findings of the lower authorities. Read HC Judgment: Delhi HC upholds addition for unpresented cheques as bogus credits The High Court appeal arose from the Income Tax Appellate Tribunal’s (ITAT) order da...