2023 (11) TMI 241 - SCH - Income Tax

Validity of reopening of assessment u/s 147 - reasons as furnished to assess can be looked into for testing the validity of reassessment proceedings - long term capital loss disallowed as transaction was not regarded as transfer within the meaning of Section 47(iv) and (v) As submitted by Revenue that the impugned order is erroneous inasmuch as in regard to its appreciation of the expression transfer viz-a-viz Section 2(47) as just opposed to Section 47(IV) of the Income Tax Act. HELD THAT - The context of the impugned judgment and the remit to the High Court was narrow; it is only concerning the validity of the re-assessment proceedings. In these circumstances, this Court holds that the observations of the High Court cannot be considered as determinative of other issues. The petition is dismissed. All pending applications are disposed.

Summary

The Supreme Court of India dismissed the petition regarding re-assessment proceedings, stating that the High Court's observations are limited to the validity of the re-assessment and not determinative of other issues. All pending applications were disposed of.