2024 (10) TMI 769 - SCH - Income Tax

Validity of reopening of assessment - Period of limitation to issue notice issued u/s 148A(b) - as decided by HC 2023 (2) TMI 1346 - GUJARAT HIGH COURT issue is covered by the decision of this Court in case of Keenara Industries Private Limited 2023 (3) TMI 104 - GUJARAT HIGH COURT without giving the separate reasoning this petition deserves to be allowed. Resultantly, this petition is allowed. Notice u/s 148 of the IT Act and impugned order under section 148A(d) are quashed and set aside. HELD THAT - The Special Leave Petitions are disposed of in terms of the judgment of this Court in Union of India v Rajeev Bansal 2024 (10) TMI 264 - SUPREME COURT (LB) - AO will dispose of the objections in terms of the law laid down by this Court in Rajeev Bansal (supra). Thereafter, the assessees who are aggrieved will be at liberty to pursue all the rights and remedies in accordance with law, save and except for the issues which have been concluded by the judgment supra .

Summary

The Supreme Court condoned delay and disposed of Special Leave Petitions in accordance with the judgment in Union of India v Rajeev Bansal. Assessing officers to handle objections as per the law in Rajeev Bansal. Assessees can pursue rights and remedies except for issues concluded in the judgment. Pending applications, if any, are disposed of.