2024 (2) TMI 409 - SCH - Income Tax

Reopening of assessment u/s 147 - breach of section 11(3)(d) - eligibility of reason to believe - misuse or abuse of funds by the trustees of the trust - violation of section 11(2) read with section 11(3)(d) of the Act as payment was made to CIMS Hospital Pvt. Ltd. for Linac machine - as decided by HC 2019 (4) TMI 291 - GUJARAT HIGH COURT reasons recorded it is evident that the AO has consciously decided that there was violation of section 11(3)(d) of the Act, and since on the reasons recorded, the AO could not have formed the belief that income chargeable to tax has escaped assessment, the impugned notice u/s 148 of the Act lacks validity and cannot be sustained. HELD THAT - We have heard learned senior counsel for the petitioner and learned counsel for the respondent at length. The special leave petition is dismissed.