2024 (4) TMI 991 - SCH - Income Tax

Petition Dismissed as Relief Achieved; Legal Question Awaits Future Deliberation.

The SC in Citation 2024 (4) TMI 991 concluded that the petitioner's request was not pursued since the desired relief had already been achieved. The legal ... Reopening of assessment u/s 147 - new notice issued rather than orders to be passed u/s 148A(d) - validity of the AO’s action in issuing the notice dated 23rd June 2022 - Whether contents of notice dated 23rd June, 2022 is distinct from the ‘reasons to believe’ dated 27th March, 2021? - As decided by HC [2022 (9) TMI 105 - DELHI HIGH COURT] a perusal of the notice dated 23rdJune, 2022 and impugned order dated 22nd July, 2022 shows that as per the AO the details of the transaction which form the basis of the notices dated 19th April, 2021 and 23rd June, 2021 are same. Pertinently, the petitioner has not offered any explanation for the transaction(s) entered with M/s Subhshree Financial Management Pvt. Ltd. Limited in the relevant financial year in her reply dated 27th June, 2022. In the absence of any explanation offered in her reply, we do not find any error in the impugned order issued by the AO. HELD THAT:- The learned counsel for the petitioner submits that the prayer in the petition is not pressed at this stage since relief has already been obtained by the petitioner. The question of law, if any, is however left open for consideration. The special leave petition and applications, if any, are accordingly disposed of as infructuous. The Supreme Court Order in Citation 2024 (4) TMI 991 stated that the petitioner's prayer was not pressed as relief had been obtained. The question of law remains open for consideration. The special leave petition and applications were disposed of as infructuous.