2024 (9) TMI 586 - SCH - Income Tax

Validity of assessment u/s 153C - Statutory imperatives of incriminating material - as decided by HC 2024 (5) TMI 1468 - DELHI HIGH COURT power to undertake such an assessment would stand confined to those years to which the material may relate or is likely to influence - Absent any material that may either cast a doubt on the estimation of total income for a particular year or years, the AO would not be justified in invoking its powers conferred by Section 153C. It would only be consequent to such satisfaction being reached that a notice would be liable to be issued and thus resulting in the abatement of pending proceedings and reopening of concluded assessments. Impugned action under Section 153C of the Act, pertaining to AYs 2014-15, 2015-16, 2016-17, 2017-18, 2018-19 and 2020-21 are hereby quashed and set aside. However, and insofar as AY 2019-20 is concerned, the same is left untouched. All rights and contentions of respective parties are kept open to be addressed in the ongoing assessment proceedings for AY 2019-20. HELD THAT - We are not inclined to interfere with the impugned judgment and, hence, the special leave petition is dismissed. Pending application(s), if any, shall stand disposed of.

Summary

The Supreme Court dismissed the special leave petition without interference with the impugned judgment. Pending applications were disposed of.

Citation: TMI
Judges: HON'BLE MR. JUSTICE SANJIV KHANNA and HON'BLE MR. JUSTICE SANJAY KUMAR
Petitioner's Counsel: Mr. Kishore Kunal, AOR Mr. Sachit Jolly, Adv. Ms. Ankita Prakash, Adv. Mr. Anuj Kumar, Adv. Mr. Aditya Rathore, Adv.