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of <h1>Special leave petition dismissed; reopening assessment under s.147 via s.148A(b) valid, allowing fresh examination of explanations</h1> <h3>ALANKAR APARTMENTS PVT. LTD. Versus ASSISSTANT COMMISSIONER OF INCOME TAX CIRCLE 1 (1), DELHI</h3> SC dismissed the special leave petition, upholding the HC's decision that reopening the assessment under s.147 (via s.148A(b)) was valid. The Court found ... Reopening of assessment u/s 147 - diversion of the loan to sister concerns - petitioner impugned the exercise of the assessment which came to be continued post the rendering of the judgment in Ashish Agarwal [2022 (5) TMI 240 - SUPREME COURT] in terms of a Section 148A(b) As decided by HC [2024 (7) TMI 1568 - DELHI HIGH COURT].We find ourselves unable to sustain that challenge bearing in mind the fact that the credible information which constituted the bedrock for the formation of opinion had categorically alluded to the aforesaid transactions, namely, the alleged diversion of the loan to sister concerns. The direction of the Court was to carry out an exercise of examining the explanation as proffered by the petitioner afresh.AO was clearly not disabled from proceeding to examine the entire case including on the basis of the allegations which formed part of para 2.5 of the original “reasons to believe”. HELD THAT:- Having heard the learned counsel appearing for the petitioner and having gone through the materials on record, we see no good reason to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed. Supreme Court (2024 (12) TMI 992) reviewed the Special Leave Petition after hearing counsel and perusal of the record. The Court held that, having 'heard the learned counsel appearing for the petitioner and having gone through the materials on record, we see no good reason to interfere with the impugned order passed by the High Court.' Consequently, 'The Special Leave Petition is, accordingly, dismissed.' All pending applications were likewise disposed of. The Court's disposition rests solely on the absence of any legally sufficient basis to disturb the High Court's order, without further elaboration of factual or legal error warranting appellate intervention.
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