2016 (5) TMI 1227 - SCH - Income Tax

Reopening of assessment - Held that - HC order sustained 2015 (7) TMI 297 - GUJARAT HIGH COURT - impugned notices under Section 148 of the Act to reopen the proceedings beyond 4 years and within 4 years on the aforesaid ground i.e. on the ground that the payment of purchase price in excess to the SMP has escaped the assessment cannot be sustained and the same deserves to be quashed and set aside. - Decided in favour of assessee.

Summary

The Supreme Court of India in 2016 dismissed the special leave petitions after condoning the delay. Key names include Mr. Kurian Joseph, Mr. Rohinton Fali Nariman, Mr. Mukul Rohatgi, and Mr. Manish J. Shah.