2017 (9) TMI 828 - SCH - Income Tax

Reopening of assessment - capital gain - share of assessee in property sold - Held that - No merit in this petition. The special leave petition dismissed. HC order confirmed. 2017 (7) TMI 462 - GUJARAT HIGH COURT We cannot come to the conclusion that the reasons recorded by the Assessing Officer lacked validity so as to prevent even the assessment to be made. As is well settled, as long as the Assessing Officer has tangible material at his command to form a bonafide belief that income chargeable to tax has escaped assessment, the Court would not interfere with the formation of such belief unless it is shown to be wholly perverse. - Decided against assessee.

Summary

The Supreme Court dismissed the special leave petition as it found no merit in the case. Any pending applications were also disposed of. (Case citation: 2017 (9) TMI 828 - SC)