2023 (12) TMI 886 - SCH - Income Tax

Reopening of assessment u/s 147 - escapement of income on account of bank interest and cash deposits in two of its bank accounts - scope of 3rd proviso to Section 12A(2) - Validity of order passed u/subsec (d) of Section 148A being without jurisdiction and against the 3rd proviso to Section 12A(2) of the Act - petitioner uploaded its reply taking a plea that as per 3rd proviso to Section 12A(2) of the Act, there was a bar to take any action u/s 147 for any preceding year, in which the registration was granted - As decided by HC 2023 (7) TMI 506 - PUNJAB HARYANA HIGH COURT Registration of the petitioner-trust was granted on 30.09.2016 which was applicable from the assessment year 2016-17 and as such, said registration was valid for claiming the benefit under Sections 11 and 12 no proceedings under Section 147 can be initiated for the assessment year 2015-16 and impugned notices and the consequent order passed under Section 148A(d) being contrary to the 3rd proviso to Section 12A(2) of the Act, are set aside. HELD THAT - Though there is delay of 191 days in filing this special leave petition, we have heard learned ASG, appearing for the petitioners on merits also. We are not inclined to interfere in the matter(s). Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 191 days in filing. The Court heard the petitioners' counsel but decided not to interfere in the matter. All pending applications were also dismissed.