2025 (6) TMI 729 - SCH - Income Tax

Assessment proceedings completed u/s 158BC (now section 153A) of the Act against the searched person - delay in preparing the satisfaction note and proceeding further against the petitioner - As decided by HC do not agree that there is any delay in preparing the satisfaction note and proceeding further against the petitioner - 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. Pending applications if any shall also stand disposed of.

Summary

The Supreme Court of India, through Hon'ble Justices J.B. Pardiwala and R. Mahadevan, allowed the exemption application and, after considering the petitioner's submissions and the record, declined to interfere with the impugned High Court order. The Court held: "We see no reason to interfere with the impugned order." Consequently, the Special Leave Petition was dismissed, and all pending applications were disposed of.