2016 (3) TMI 1484 - SCH - Income Tax

Validity of reopening of assessment - payment of purchase price in excess to the SMP - petitioners are Sugarcane Factory Societies - as decided by HC 2015 (7) TMI 297 - GUJARAT HIGH COURT impugned notices u/s 148 of the Act to reopen the proceedings beyond 4 years and within 4 years on the aforesaid ground i.e. on the ground that the payment of purchase price in excess to the SMP has escaped the assessment cannot be sustained HELD THAT - Delay condoned. Special leave petitions are dismissed.

Summary

In the Supreme Court case presided over by Hon'ble Mr. Justice Kurian Joseph and Hon'ble Mr. Justice Rohinton Fali Nariman, the Court addressed the matter involving the petitioner, represented by Mr. Maninder Singh, ASG, and others, and the respondent, represented by Mr. Manish J. Shah and his team. The Court issued an order where it "condoned the delay" and subsequently "dismissed the special leave petitions."