2024 (10) TMI 873 - SCH - Income Tax

Validity of reassessment proceedings - Period of limitation - As decided by HC 2024 (8) TMI 1462 - DELHI HIGH COURT the notice u/s 148 was issued as far back as on 28 February 2023. We, consequently, find no justification to entertain this belated challenge. Writ petition consequently stands dismissed with costs quantified at INR 20,000/-. Petitioner submitted that the petitioner would approach the High Court once again and therefore, liberty may be reserved to the petitioner herein to take all contentions available in law. HELD THAT - Special Leave Petition is disposed of by reserving liberty to the petitioner herein to approach the High Court, if so advised and to take all contentions available under law. The imposition of cost of Rs.20,000/- in the impugned order is set aside. Special Leave Petition is disposed of accordingly.

Summary

The Supreme Court reserved liberty to the petitioner to approach the High Court and take all contentions available under law. The cost of Rs.20,000 imposed in the impugned order was set aside. The Special Leave Petition was disposed of accordingly. Pending application(s) stand disposed of.