2024 (12) TMI 868 - SCH - Income Tax

Validity of reopening of assessment - proceedings are initiated after four years - change of opinion - borrowed satisfaction - bogus share transaction - As decided by HC 2024 (9) TMI 872 - GUJRAT HIGH COURT impugned notice is issued on borrowed satisfaction without considering the material available on record in form of statutory audit report u/s 142A. It is pertinent to note that during the regular assessment framed under Section 143 read with Section 144C and 142 (2A) of the Act, the entire issue was scrutinized by the then assessing officer and therefore, the issuance of impugned notice of reopening would also amount to change of opinion - For additions for Debt payable by the petitioner not appearing in the books of account as Notes Forming part of the Financial Aaccounts wherein it is mentioned that debt payable includes debt payable to third party Rs. Nil towards transaction on NSEL and hence the petitioner has made full and true disclosures during regular assessment and the same has been brushed aside while forming a belief of escapement of income. HELD THAT - Heard the learned counsel for the petitioner. There is a delay of 122 days in filing the Special Leave Petition which has not been satisfactorily explained. Even otherwise, we have gone through the Special Leave Petition and do not find any merit in the same. Special Leave Petition is, therefore, dismissed on the ground of delay as well as on merits. Pending application(s), if any, stand disposed of.

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 122 days and lack of merit. The petition was filed by the petitioner's counsel but was not satisfactorily explained.