Court restores dismissed petition but dismisses inquiry into funds source and tax evasion due to untimeliness. No reexamination permitted.

The court allowed the restoration of a previously dismissed petition. However, the petition seeking an inquiry into the source of funds and tax evasion action was dismissed as untimely, as the payments in question were made outside the assessment period. The court concluded that no further directions could be given to reexamine the tax assessments of the respondent.

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Issues:
1. Restoration of dismissed petition.
2. Inquiry into the source of alleged funds and tax evasion action.

Restoration of Dismissed Petition:
The judgment begins with an application seeking restoration of a previously dismissed petition. The application is allowed for reasons stated, indicating a favorable decision by the court to restore the petition.

Inquiry into Source of Alleged Funds and Tax Evasion Action:
The petitioner filed a petition requesting directions to investigate the source of funds of the respondent and take action for tax evasion. The disputes between the parties involved a Mortgage Deed and an Agreement to Sell regarding a property in New Delhi. The respondent claimed to have paid a substantial amount to the petitioner, leading to a settlement agreement. The petitioner then lodged a complaint with the Income Tax Authorities to probe into the funds of the respondent. However, the payments in question were made in 2012, and the assessment period had already concluded, rendering the petition belated. Consequently, the court dismissed the petition as it was deemed untimely and no further directions could be given to reexamine the tax assessments of the respondent.

This detailed analysis of the judgment covers the restoration of the dismissed petition and the court's decision regarding the inquiry into the source of alleged funds and tax evasion action.

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