2025 (9) TMI 380 - SCH - Income Tax

Special leave petition dismissed; reopening of completed assessment quashed for relying on incorrect fact treating s.143(3) as s.143(1)

SC dismissed the special leave petition, upholding the HC's decision quashing the reopening of the completed assessment of the petitioner bank. The HC ... Reopening of assessment - re-assess the income/loss of the petitioner Co-operative Bank - cash deposits made during the period of de-monetization - re-opening of the completed assessment on the basis of information on the Insight Portal. HC [2023 (9) TMI 1344 - BOMBAY HIGH COURT] Re-opening is on the basis of gross incorrect facts that the assessment had been completed u/s 143(1) of the Act of 1961 and was hence no assessment under Section 2(40) of the Act of 1961 when infact the assessment had been completed u/s 143(3) - re-opening was thus merely an outcome of change of opinion of the AO HELD THAT:- We are not inclined to interfere with the impugned judgment and order of the High Court; hence, the special leave petition is dismissed. The Court affirmed the High Court's decision, stating it was 'not inclined to interfere with the impugned judgment and order of the High Court'; consequently the 'special leave petition is dismissed.' The ruling reflects a deferential exercise of appellate discretion, declining to disturb the lower court's findings. As a procedural consequence, all pending applications before the Court are directed to 'stand disposed of.' The operative outcome is therefore affirmation of the High Court's order and final dismissal of the petition, leaving the lower court's judgment intact.