2025 (2) TMI 991 - SCH - Income Tax

Revision u/s 263 - bogus LTCG - Validity of reopening of assessment u/s 147 - PCIT Sambalpur exercised the suo motu revisional power u/s 263(1) and an order was passed directing the AO to add an entire amount u/s 68 r.w.s. 115BBE. HC held 2023 (3) TMI 268 - ORISSA HIGH COURT if the original re-assessment order itself was not validly passed the subsequent revisional order by the PCIT was required to be held invalid. No substantial question of law arises from the impugned order of the ITAT. Court is therefore not inclined to frame the questions of law as urged by the Revenue in the present appeals. HELD THAT - After having heard learned counsel appearing for petitioner and after perusing the finding of facts recorded by the Tribunal in paragraph 14 and 15 of its judgment which has been confirmed by the High Court we find no case for interference is made out in exercise of our jurisdiction under Article 136 of the Constitution of India. The Special Leave Petitions are accordingly dismissed.

Summary

The Supreme Court, in a judgment delivered by Hon'ble Mr. Justice Abhay S. Oka and Hon'ble Mr. Justice Ujjal Bhuyan, dismissed the Special Leave Petitions after considering the findings of facts by the Tribunal and the High Court. The Court found no grounds for interference under Article 136 of the Constitution of India. Pending applications, if any, are disposed of accordingly.