SC Reviews Section 147 of Income Tax Act on Threshold for Proceedings; No Immediate Resolution After Revenue's Argument The SC addressed the application of Section 147 of the Income Tax Act concerning the threshold for initiating proceedings against an assessee. The ...
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SC Reviews Section 147 of Income Tax Act on Threshold for Proceedings; No Immediate Resolution After Revenue's Argument
The SC addressed the application of Section 147 of the Income Tax Act concerning the threshold for initiating proceedings against an assessee. The Revenue's argument for treating the case as an exception under a Ministry of Finance Circular, despite a previous SLP dismissal due to low tax effect, was noted. Both parties were given three weeks to seek further instructions, indicating no immediate resolution or judgment was rendered.
In the case before the Supreme Court, presided by Hon'ble Justices Hrishikesh Roy and S.V.N. Bhatti, the primary legal issue pertains to the application of Section 147 of the Income Tax Act, which concerns the threshold limit for initiating proceedings against an assessee. The Revenue's counsel argued that although a Special Leave Petition (SLP(C) No.12639/2020) was previously dismissed due to a low tax effect, this case should be considered an exception under a relevant Circular from the Ministry of Finance. Both parties' counsel requested and were granted three weeks to receive further instructions.
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