2020 (10) TMI 667 - SCH - Income Tax

Reopening of assessment - validity of reasons to believe - petitioner's claim for expenses in respect of Colour Idea Store as a part of its advertisement and sales promotion expenses - Review petition -HELD THAT - There is a delay of 299 days in filing this Review Petition and we find no justifiable reason to condone this huge delay. Even on merits, we have perused the Review Petition and record of the Special Leave Petition and are convinced that the order, of which review has been sought, does not suffer from any error apparent warranting its reconsideration. Review Petition is, accordingly, dismissed on the ground of delay as well as on merits.

Summary

The Supreme Court dismissed the Review Petition due to a delay of 299 days and found no justifiable reason to condone the delay. The court also stated that the order being reviewed did not have any apparent errors warranting reconsideration.