2023 (6) TMI 1170 - SCH - Income Tax

Validity of reopening of assessment - monetary requirement for reopening assessment - unexplained cash credit under Section 68 - as decided by HC condition precedent of an asset in the form of Rs.50 lakhs is not be attracted to the present case as the notice u/s 148A(b) had been issued on 17th March 2022 i.e. within three years of the assessment year sought to be assessed namely 2018-19 and Section 148A(d) order as well as Section 148 notice issued on 31st March 2022 was within prescribed time HELD THAT - Learned counsel seeks liberty to withdraw the special leave petition and agitate all issues before the authorities. Liberty sought for is granted. The petition is accordingly dismissed as withdrawn. Pending application(s) if any stand disposed of.

Summary

The Supreme Court dismissed the petition as withdrawn after the counsel sought liberty to withdraw the special leave petition to agitate all issues before the authorities. Pending applications were disposed of. (Case Citation: 2023 (6) TMI 1170 - SC)