2020 (8) TMI 952 - SCH - Income Tax

Validity of reopening of assessment - funds received by the assessee from a foreign entity - information has been received from DIT (Intell. Cr. Inv.) - valid reasons to believe - Assessment after merger of company - scope of section 170 - No separate notice issued for the amalgamated company - as decided by HC 2020 (2) TMI 1061 - DELHI HIGH COURT AO had sufficient tangible materials and was justified in issuing the notice for assessment and the recorded reasons are not mere change of opinion - The bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, does not apply and the initiation of proceedings is not barred by limitation with necessary sanction for issuance of notice under section 148, as required under section 151 had been obtained. For Assessment after merger of company what purpose would be served by two separate assessment orders. Pertinently, as of now, we are only concerned with the requirement of issue of two separate notices under Section 147/148 and we cannot find any such requirements emanating from Section 170 (2) of the Act. HELD THAT - We are not inclined to interfere with the judgment and order passed by the High Court. The special leave petitions are dismissed.

Summary

The Supreme Court of India dismissed the special leave petitions and declined to interfere with the judgment and order passed by the High Court. Pending applications were disposed of. No representation for the respondent.