2019 (12) TMI 872 - SCH - Income Tax

Reopening of assessment u/s 147 - eligible reasons for reopening u/s 148 - information received from DDIT (Inv) alleging that M/s Nivyah Infrastructure Telecom Services Ltd is a penny stock listed on the Bombay Stock Exchange and that the petitioner had dealt with the same leading to escapement of income - borrowed satisfaction - non independent application of mind by AO - HELD THAT - The tax effect in the present matter being less than two crores in view of the CBDT Circular dated 8.8.2019 we see no reason to interfere. The special leave petition is dismissed. We however left all questions of law open to be considered in an appropriate matter.

Summary

The Supreme Court dismissed the special leave petition as the tax effect was less than two crores, citing a CBDT Circular. All questions of law were left open for consideration in the future. Pending applications were disposed of.