2024 (2) TMI 168 - SCH - Income Tax

Reopening of assessment - Reasons recorded for initiating proceedings u/s 148 - unexplained subscription to assessee's capital of assessee - as decided by HC 2017 (9) TMI 1589 - DELHI HIGH COURT reasons to believe contained the names of the very same five companies which were initially disclosed by the Petitioner during the assessment proceedings. The number of shares subscribed to by the said companies is the same and the amount received has been disclosed by the Assessee. There is no new material which has been found or mentioned in the reasons to believe which were not contained in the information provided by the Assessee prior to the conclusion of assessment under Section 143 (3) - HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

Title: Supreme Court dismisses Special Leave Petition

Judges: Hon'ble Mr. Justice Pamidighantam Sri Narasimha and Hon'ble Mr. Justice Aravind Kumar

Petitioner's Counsel: Mr. N Venkatraman, A.S.G. and others

Respondent's Counsel: Mr. Salil Kapoor and others

Decision: Special Leave Petition dismissed, no interference with High Court's judgment

Outcome: Pending application(s) disposed of