Income-tax Officer v. Kayathwal Estate Private Limited
[Citation -2022-LL-0214-3]
| Citation | 2022-LL-0214-3 |
|---|---|
| Appellant Name | Income-tax Officer |
| Respondent Name | Kayathwal Estate Private Limited |
| Court | SUPREME COURT |
| Relevant Act | Income-tax |
| Date of Order | 14/02/2022 |
| Judgment | View Judgment |
| Keyword Tags | scrutiny assessment • unsecured loan |
| Bot Summary: | Ms. Chinmayee Chandra, Adv Mr. Raj Bahadur Yadav, AOR For Respondent(s) UPON hearing the counsel the Court made the following ORDER Having heard Shri Balbir Singh, learned ASG and in the facts and circumstances of the case more particularly at the time of Scrutiny Assessment under Section 143(3), the Assessing Officer had asked for the details regarding the unsecured loan taken by the Assessee during the year under Signature Not Verified consideration and the Assessee furnished the details as asked Digitally signed by R for and thereafter, after perusing the details so furnished by Natarajan Date: 2022.02.16 17:03:09 IST Reason: the Assessee, the Assessing Officer passed an order under contd. It cannot be said that there was any suppression on the part of the Assessee in not disclosing true an correct facts. It is required to be noted that even the re-assessment proceeding were initiated beyond the period of four years. Under the circumstances, the High Court is absolutely justified in quashing the re-assessment proceedings and the notice under Section 148 of the Income Tax Act. No interference of this Court is called for in exercise of powers under Article 136 of the Constitution of India. With this, the Special Leave petition stands dismissed. Pending application(s), if any, shall stand disposed of. |