2023 (1) TMI 135 - SCH - Income Tax

Reopening of assessment u/s 147 - reasons to believe - subjective satisfaction before initiating reopening - HELD THAT - Having gone through the impugned judgment and order passed by the High Court, it appears that the reasons to re-open the assessment were recorded after issuance of the re-assessment notice and, therefore, it can be seen that at the time when the notice for assessment was issued, there was no subjective satisfaction, the High Court has not committed any error in setting aside re-assessment proceedings. We are in complete agreement with the view taken by the High Court. The Special Leave Petition stands dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition regarding re-assessment proceedings due to lack of subjective satisfaction at the time of issuing the notice for assessment. The High Court's decision to set aside the re-assessment proceedings was upheld.