2024 (4) TMI 1256 - SCH - Income Tax

Validity of search and seizure u/s 132 - Information and material enough to indicate a reason to believe or not? - Whether reasonable belief founded to initiate search proceedings? - as decided by HC 2024 (5) TMI 709 - BOMABY HIGH COURT any information which would lead the Authorities to have a reason to believe that any of the contingencies as contemplated by Section 132 (1)(a) to (c) of the said Act are satisfied. The reasons recorded in our view only indicates a mere pretence. The material considered is irrelevant and unrelated. Thus unable to sustain the action of respondents taken u/s 132 (1) HELD THAT - Heard the learned counsel appearing for the petitioner(s). We are not inclined to interfere with the impugned judgment passed by the High Court. In the facts and circumstances of the case the question of law is kept open. The Special Leave Petitions are dismissed. Pending applications if any shall stand disposed of.

Summary

The Supreme Court, with Justices Pamidighantam Sri Narasimha and Joymalya Bagchi presiding, after hearing counsel for both parties, "condoned delay" and declined to interfere with the impugned High Court judgment. The Court expressly "kept open" the question of law involved. Consequently, the Special Leave Petitions were dismissed, and all pending applications were disposed of.