2025 (7) TMI 259 - SCH - Income Tax

Reopening of assessment - reason to believe - bogus sauda chitthi against the purchase of an immovable property situated at Surat wherein one person claimed to have paid an amount as advance to petitioner - as decided by HC 2022 (10) TMI 1243 - GUJARAT HIGH COURT no income accrued on account of transfer of a capital asset either by way of sale deed or handing over possession pursuant to agreement to sell - AO must have reason to believe that income chargeable to tax has escaped assessment. In the present case there is no escapement of any income chargeable to tax due to failure on part of the assessee to disclose truly and fully all material facts as all the relevant records were produced on record. In absence of any escapement of income chargeable to tax it is not open for the department to reopen the case of the present assessee. Thus impugned notices u/s 148 are not tenable in law and are accordingly quashed - delay in filing SLP HELD THAT - There is enormous delay of 846 days in filing the special leave petition. Additionally the similar matters 2024 (7) TMI 1655 - SC ORDER and 2024 (5) TMI 651 - SC ORDER have already been dismissed by this Court. Special leave petition stands dismissed on the grounds of merit as well as on the delay.

Summary

The Supreme Court, in a partial bench comprising Hon'ble Mr. Justice Pamidighantam Sri Narasimha and Hon'ble Mr. Justice R. Mahadevan, dismissed the special leave petition due to an "enormous delay of 846 days" in its filing. The Court noted that similar matters (SLP (C) Diary Nos. 26807/2024 and 16676/2024) had already been dismissed. Consequently, the petition was dismissed "on the grounds of merit as well as on the delay."