2024 (11) TMI 897 - SCH - Income Tax

Validity of Reopening of assessment u/s 147 - As decided by HC 2023 (10) TMI 1454 - BOMBAY HIGH COURT this is not a fit case to exercise our discretionary jurisdiction under Article 226 of the Constitution of India. At the same time, Petitioner may raise all grounds which Petitioner has before the AO in reply to the notice u/s 148. The officer shall consider the objections and points raised by Petitioner and pass such order as he deems fit HELD THAT - On instructions, respondents states that the respondents have no objection to the notices issued u/s 148 being quashed, as the transaction in question was between a mother and son. In view of the aforesaid position, the impugned judgment/order is set aside, quashing the aforesaid notices. The appeal is allowed. The writ petition will be treated as allowed.

Summary

The Supreme Court allowed the appeal, quashed the Income Tax Act notices dated 28.04.2023, and set aside the impugned judgment/order as the transaction was between a mother and son. The writ petition was treated as allowed.