2023 (7) TMI 619 - SCH - Income Tax

Reopening of assessment - Deemed dividend u/s 2(22)(e) - change of opinion - reasons to believe - whether information received from the Deputy Commissioner of Income Tax, Company Circle V(1) constituted new information? - As decided by HC 2018 (10) TMI 373 - MADRAS HIGH COURT considering factual position as well as the returns and the audit report, assessee failed to disclose vital details at the time when the scrutiny assessment was completed u/s143(3) and also findings rendered by the Tribunal and the Authorities below on the concept of 'deemed dividend' call for no interference. HELD THAT - This Court is not inclined to interfere with the impugned judgment and order of the High Court. SLP dismissed.

Summary

The Supreme Court dismissed the special leave petitions and declined to interfere with the impugned judgment and order of the High Court. Pending applications, if any, are disposed of.