2023 (5) TMI 553 - SCH - Income Tax

Reopening of assessment u/s 147 - net loss of cancellation of forward contract - HC held when the primary facts necessary for assessment are fully and truly disclosed, the AO is not entitled on change of opinion to commence proceedings for reassessment - HELD THAT - We are not inclined to interfere with the judgment(s) and order(s) passed by the High Court. Special Leave Petition is dismissed. All pending applications are disposed of.

Summary

The Supreme Court of India dismissed the Special Leave Petition and did not interfere with the judgment passed by the High Court. Delay was condoned, and all pending applications were disposed of.