Supreme Court - Daily Orders
Income Tax Officer vs Kayathwal Estate Private Limited on 14 February, 2022
Bench: M.R. Shah, B.V. Nagarathna
ITEM NO.13 Court 12 (Video Conferencing) SECTION III
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition for Special Leave to Appeal (C) No. 882/2022
(Arising out of impugned final judgment and order dated 02-02-2021
in R/SCA No. 19454/2019 passed by the High Court of Gujarat at
Ahmedabad)
INCOME TAX OFFICER Petitioner(s)
VERSUS
KAYATHWAL ESTATE PRIVATE LIMITED Respondent(s)
( IA No.9536/2022-EXEMPTION FROM FILING C/C OF THE IMPUGNED
JUDGMENT )
Date : 14-02-2022 This petition was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE M.R. SHAH
HON'BLE MRS. JUSTICE B.V. NAGARATHNA
For Petitioner(s) Mr. Balbir Singh, ASG
Mr. Mukesh Verma, Adv.
Mr. Shyam Gopal, Adv.
Ms. Suhasini Sen, Adv.
Ms. Chinmayee Chandra, Adv
Mr. Raj Bahadur Yadav, AOR
For Respondent(s)
UPON hearing the counsel the Court made the following
O R D E R
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..
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Section 143(3) of the Act. Therefore, 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. of.
Pending application(s), if any, shall stand disposed of.
(NEETU SACHDEVA) (NISHA TRIPATHI) COURT MASTER (SH) BRANCH OFFICER