2024 (2) TMI 1117 - SCH - Income Tax

Validity of Reopening of assessment - scrutiny assessment concluded - reasons to believe - sale of teakwood trees for year consideration were not genuine - As decided by HC 2017 (6) TMI 605 - GUJARAT HIGH COURT AO had recorded elaborate reasons to prima facie demonstrate that the figures of sale of teakwood trees for year consideration were not genuine if, at all, exaggerated and also in cases of sham transactions, the assessee cannot avoid the re-opening on the ground that earlier the issue was scrutinized HELD THAT - As petitioner submits that the present petition has become infructuous in view of the assessment order having been passed during the pendency of the Special Leave Petition. In view of the statement made, the Special Leave Petition is dismissed as having become infructuous. Pending application, if any, shall stand disposed of.

Summary

The Supreme Court dismissed the Special Leave Petition as infructuous due to the assessment order being passed during its pendency. Pending applications were disposed of accordingly.