2025 (1) TMI 1242 - SCH - Income Tax

Block assessment u/s 158BC - penalty levied u/s 158BFA - offences allegedly committed u/s 276C and 277 r.w.s. 278B - Delay in filling SLP - as decided by HC 2023 (8) TMI 162 - BOMBAY HIGH COURT since the Revenue has failed to produce the satisfaction note we have to and we hereby hold that the search action u/s 132(1) and consequently the block assessment order passed u/s 158BC order levying penalty u/s 158BFA cannot survive as they are all predicated on the existence of a valid search - HELD THAT - There is a gross delay of 404 days in filing the Special Leave Petitions which has not been satisfactorily explained by the Revenue. Even otherwise we see no reason to interfere with the common impugned orders passed by the High Court.Special Leave Petitions are accordingly dismissed on the ground of delay as well as merits.

Summary

In the Supreme Court judgment, presided over by HON'BLE MR. JUSTICE J. B. PARDIWALA and HON'BLE MR. JUSTICE R. MAHADEVAN, the Court addressed the Special Leave Petitions filed by the petitioner, represented by the Additional Solicitor General and other legal counsel. The Court noted a "gross delay of 404 days" in filing the petitions, which the Revenue failed to satisfactorily explain. The Court found "no reason to interfere with the common impugned orders passed by the High Court." Consequently, the Special Leave Petitions were dismissed on grounds of both "delay as well as merits." Any pending applications were also disposed of.