2024 (7) TMI 733 - SCH - Income Tax

Delay filling SLP - Reopening of assessment u/s 147 - reason to suspect v/s reason to believe - Allegation that companies were paper companies which acted as conduits to facilitate loan transactions - As decided by HC 2023 (7) TMI 867 - DELHI HIGH COURT jurisdictional prerequisite is a well-established principle, as reason to suspect is qualitatively different from reason to believe. The statutory prerequisite condition was not met by the AO before entering the realm of reassessment/assessment proceedings - HELD THAT - There is a gross delay of 213 days in filing this special leave petition. The explanation offered by the petitioner is not satisfactory so as to accept the same and condone the delay as it is not sufficient in law to do so. Hence, the application seeking condonation of delay in filing the special leave petition is dismissed. Consequently, the special leave petition also stands dismissed on the ground of delay.

Summary

The Supreme Court dismissed the special leave petition due to a gross delay of 213 days in filing, with the explanation provided by the petitioner deemed unsatisfactory for condonation of the delay.