2023 (5) TMI 585 - SCH - Income Tax

Validity of reopening of assessment u/s 147 - reopening beyond period of four years - computation of capital gain - HELD THAT - We are not inclined to interfere with the impugned judgment for the reason that in this case the reopening is after four years and it is apparent that the assessee had made discloser of payment and deduction of Rs.3.6 crores while computing capital gains in the regular assessment proceedings. SLP dismissed.

Summary

The Supreme Court of India in 2023 (5) TMI 585 - SC Order, with Hon'ble Mr. Justice Sanjiv Khanna and Hon'ble Mr. Justice J.K. Maheshwari, condoned delay and dismissed the special leave petition as the assessee had disclosed payment and deduction of Rs.3.6 crores during regular assessment proceedings, despite reopening after four years.