2025 (3) TMI 1178 - SCH - Income Tax

Validity of reopening of assessment - reasons to believe - survey conducted in Jammu Kashmir Bank u/s. 133A and only because the petitioner assessee has transacted with the said bank made a total of transaction of inward and outward remittance thus concluded that the income has escaped the assessment - as decided by HC 2024 (5) TMI 227 - GUJARAT HIGH COURT impugned notice issued u/s.148 is nothing but amounts to change of opinion on the part of the respondent assessing officer and he has issued the impugned notice only on the borrowed satisfaction without there being any fresh tangible material to come to the prima facie conclusion that the income has escaped assessment. Thus the impugned show cause notices u/s. 148 of the Act are hereby quashed and set aside. Assessee appeal allowed. HELD THAT - There is a gross delay of 181 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. Even otherwise we see no good reason to interfere with the impugned order passed by the High Court. Special Leave Petition is accordingly dismissed on the ground of delay as well as merits.

Summary

In the Supreme Court case presided over by Hon'ble Mr. Justice J. B. Pardiwala and Hon'ble Mr. Justice R. Mahadevan, the petitioner, represented by Mr. Raj Bahadur Yadav and others, faced a dismissal of their Special Leave Petition. The Court noted a "gross delay of 181 days" in filing the petition, which was not satisfactorily explained. Furthermore, the Court found "no good reason to interfere with the impugned order passed by the High Court." Consequently, the petition was dismissed on grounds of both delay and merits. All pending applications were also disposed of.