2023 (11) TMI 291 - SCH - Income Tax

Validity of reopening of assessment - Reasons to believe - HELD THAT - Having regard to the terms of the agreement which has been pointed out by learned ASG to us we do not think that this is a fit case where the notice under Section 148 of the Income Tax Act should have been issued to the respondent(s) for reopening the assessment. Hence Special Leave Petition stands dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition, stating that the notice under Section 148 of the Income Tax Act should not have been issued for reopening the assessment. Delay was condoned, and pending applications were disposed of.