2023 (12) TMI 465 - SCH - Income Tax

Validity of reopening of assessment - assumption of jurisdiction for reassessment - Period of limitation - Scope of extended period of six years - reassessment even after the expiry of four years from the end of the relevant assessment year, but, within six years from the relevant assessment year - delay of 340 days in filing the special leave petition - As decided by HC 2022 (8) TMI 1340 - MADRAS HIGH COURT failure on the part of the assessee to fully and truly disclose all material particulars in our view would constitute the jurisdictional fact for invoking extended period of limitation and failure to record the existence of the above jurisditional fact while invoking the extended period under the proviso to Section 147 of the Act, would vitiate the entire proceedings - failure to render a finding as to the existence of the above circumstance warranting invocation of the extended period in terms of the proviso to Section 147 of the Act would vitiate the entire proceedings. Thus the initiation of reassessment proceedings is in excess of jurisdiction HELD THAT - SLP dismissed both on the ground of delay as well as on merits.

Summary

The Supreme Court dismissed the special leave petition due to a delay of 340 days, despite the presence of the learned ASG. The dismissal was based on both the delay and merits of the case. Any pending applications were also disposed of.