2025 (1) TMI 658 - SCH - Income Tax

Validity of Revision u/s 263 - as per CIT AO had not verified the necessary relevant facts relating to the taxability of sale of certain immovable property - As decided by HC 2024 (10) TMI 207 - DELHI HIGH COURT no merit in the appellant s contention. Concededly the audit report could not have commented upon the dishonour of cheques as the report was issued prior to the date of the cheques. AO had accepted the said report. The assessment order does not indicate any enquiries in this regard. Thus CIT has rightly held that the Assessment Order was passed without making the necessary inquiries and verification. HELD THAT - Having heard the learned counsel appearing for the petitioner and having gone through the materials on record we see no reason to interfere with the impugned order passed by the High Court. Special Leave Petition is accordingly dismissed.

Summary

Supreme Court Judgment Summary:

Citation: TMI

Judges: Hon'ble Mr. Justice J. B. Pardiwala and Hon'ble Mr. Justice R. Mahadevan

Representation for Petitioner: Mr. Rajeev Ahuja, Adv.; Mr. Ashish Choudhury, AOR

Order:

1. After reviewing the arguments presented by the learned counsel for the petitioner and examining the materials on record, the Supreme Court found "no reason to interfere with the impugned order passed by the High Court."

2. Consequently, the Special Leave Petition is dismissed.

3. Any pending applications are disposed of.