2025 (1) TMI 830 - SCH - Income Tax

Validity of reopening of assessment against the ex-promoters - notice u/s 148 against petitioner company after the approval of the resolution plan for a period prior to closing - liability of previous management - As decided by HC 2024 (5) TMI 57 - BOMBAY HIGH COURT section 148 r/w Section 147 of the Act only deals with a situation where any income chargeable to tax has escaped assessment for any assessment year. We are unable to fathom as to how the provisions of Section 148 of the Act can be applied for collection of evidences of third party, ex-promoters etc., and we say this because there are separate provisions under Section 133(6) of the Act in which, such evidences can be collected. HELD THAT - In view of the observations made in paragraph nos. 3 and 4 of the order impugned before us, we are not inclined to interfere. Special Leave Petition is, accordingly, dismissed.

Summary

In the Supreme Court judgment, presided over by Hon'ble Mr. Justice Pamidighantam Sri Narasimha and Hon'ble Mr. Justice Manoj Misra, the Court addressed a Special Leave Petition. The Court condoned the delay in filing but decided not to interfere with the decision of the lower court, citing observations made in paragraphs 3 and 4 of the impugned order. Consequently, the Special Leave Petition was dismissed. Additionally, any pending applications related to the case were disposed of.