In a big relief to Anil Ambani led Reliance Communications, Supreme Court of India on Monday has dismissed Income Tax Department’s Special Leave Petition on Rs. 4800 crore tax liability treating the proceeds as “unexplained cash credits”.
“We find no reason to entertain this special leave petition, which is, accordingly, dismissed” the two judge bench comprising of Justice Kurian Joseph and Justice Rohinton F Nariman observed in the order.
Reliance Communications had appealed against the IT Department order before the Income Tax Appellate Tribunal in which the order was upheld. later, Bombay High Court had allowed the appeal.
Read the full text of the order below.
