2016 (11) TMI 806 - SCH - Income Tax

Period of limitation for passing the block assessment order - review petition filed against the order in VLS Finanace Ltd. v. CIT 2016 (4) TMI 1133 - SUPREME COURT - Held that - We have carefully gone through the review petition and the connected papers. We find no error much less apparent in the order impugned wherein held that in the estimation of the assessing officer special audit was essential for passing proper assessment order. If the court, while undertaking judicial review of such an order of the assessing officer directing special audit ultimately holds that such an order is wrong (for whatever reason) that event happens at a later date and would not mean that the benefit of exclusion of the period during which there was a stay order is not to be given to the Revenue. Explanation 1 which permits exclusion of such a time is not dependent upon the final outcome of the proceedings in which interim stay was granted. The review petition is, accordingly, dismissed.

Summary

The Supreme Court of India dismissed a review petition filed against an order dated April 28, 2016 in the case of VLS Finanace Ltd. v. CIT [2016] 384 ITR 1 (SC). The Court found no error in the order and dismissed the review petition.