2024 (9) TMI 32 - SCH - Income Tax

Miscellaneous application for restoration of the SLP - Special leave petition 2020 (12) TMI 1403 - SC ORDER (LB) as dismissed on the ground of low tax effect. However, the question of law is left open Plea is founded on the Circular dated 28.08.2018 which sets out the circumstances where notwithstanding the low tax effect, the Revenue is required to contest the matter. More specifically the Revenue relies on the Clause (e) of the Circular, which reads as under - (e) Where addition is based on information received from external sources in the nature of low enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General of GST Intelligence (DCG). Assessee has however contested the prayer for restoration. The copy of the counter affidavit be furnished to the learned counsel for the petitioner.

Summary

The Supreme Court heard a miscellaneous application filed by the Revenue for restoration of an SLP dismissed due to low tax effect. The Revenue relied on a Circular dated 28.08.2018, specifically Clause (e), to contest the matter. The respondent (assessee) opposed the restoration plea.