2024 (10) TMI 1415 - SCH - Income Tax

Validity of Revision u/s 263 - substantial question of law or fact - there were discrepancies in the figure with regard to value of current assets and current liabilities shown in the balance sheet as on 31.03.2008 vis- -vis the cash flow statement filed before the AO - as decided by HC 2023 (12) TMI 1364 - ORISSA HIGH COURT CIT(A) has dismissed the appeal exparte. Appeal had been filed before the Tribunal and the Tribunal had exparte restored the issue back to the file of CIT(A). CIT(A) also dismissed the appeal for non-compliance. Tribunal in the interest of natural justice had restored the issue to the file of the CIT(A) so that the, assessee could be granted the opportunity to substantiate its case. This clearly shows that the assessee is not interested in showing the reconciliation but is attempting to use technical reasons to avoid the responsibility. This scathing remark from the ITAT showcases the triviality of the matter at hand. Additionally, the submissions made with regard to the section 255 showcases the intention of the petitioner to delay the case. HELD THAT - Delay condoned. No case for interference is made out in exercise of our jurisdiction under Article 136 of the Constitution of India. The Special Leave Petition is accordingly dismissed. Pending application, if any, also stands disposed of.

Summary

The Supreme Court of India dismissed the Special Leave Petition under Article 136 of the Constitution of India as no case for interference was found. The delay was condoned, and any pending application was disposed of.