2018 (4) TMI 1432 - SCH - Income Tax

Reopening assessment - validity of notice - formation of the belief by the Assessing Officer that income chargeable to tax had escaped assessment - Held that - SLP dismissed. HC order confirmed 2017 (9) TMI 743 - GUJARAT HIGH COURT HC has correctly held that Tribunal has evaluated the evidence on record in minutest detail as if each limb of the Assessing Officer s reasons recorded for issuing notice of reopening was in the nature of an addition made in the order of assessment which had either to be upheld or reversed, which was simply impermissible. - order of ITAT set aside. - Decided in favour of revenue

Summary

The Supreme Court dismissed the special leave petition due to lack of merit. Delay was condoned, and the pending application was disposed of. (Case citation: 2018 (4) TMI 1432 - SC)