Case Law Details

Case Name : Pr. CIT Vs M/S. E Smart Systems Pvt. Ltd. (Supreme Court)
Appeal Number : Special Leave Petition (Civil) Diary No(s). 40473/2018
Date of Judgement/Order : 03/12/2018
Related Assessment Year :
Courts : Supreme Court of India (1095)

Pr. CIT Vs M/s. E Smart Systems Pvt. Ltd. (Supreme Court )

Supreme Court in this Case upheld the Judgment of Hon’ble Delhi High Court and dismissed the Special Leave Petition filed by Income Tax Department.

High Court  held that AO did not dispute the veracity of the documents produced. Furthermore, the two individuals who had applied for shares, were made Directors of the assessee company. Prima facie, therefore, the assessee had discharged the onus that was placed upon it to disclose the identity of the share applicants and the genuineness of the money infused having regard to the this.

High Court further held that initial burden cast upon the assessee had been adequately discharged by sufficient evidence. The fact that the share applicants were Directors of the assessee was also undisputed. High Court upheld the ITAT order which set aside the addition of Rs. 4,16,18,889.

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Substantial justice deserves to be preferred over technical considerations

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