2025 (9) TMI 590 - SCH - Income Tax

Reassessment under ss.147/148 and notices under ss.148/148A quashed; delayed SLPs dismissed for gross unexplained delay

The Assistant Commissioner Of Income Tax & Ors. Versus Elan Capital Advisors Private Limited

SC dismissed the SLPs for gross, unexplained delay and refused relief. The HC had held the petitions were covered by an earlier HC decision and the ... Reopening of assessment u/s 147 - Time limit for notice - period of limitation to issue notice - validity of a notice issued u/s 148/148A - scope of Taxation and other laws (Relaxation and Amendment of certain provisions) Act, 2020 (TOLA) application - provisions of the new reassessment law introduced by the Finance Act, 2021 - As decided by HC [2024 (1) TMI 1489 - BOMBAY HIGH COURT] as petitioners state that all these petitions will be covered by the judgment of New India Assurance Co. Ltd.[2024 (1) TMI 803 - BOMBAY HIGH COURT] Counsel for respondents agree. Reassessment hereby quashed and set aside - Delayed filling SLP HELD THAT:- There is a gross delay in filing the Special Leave Petitions which has not been satisfactorily explained by the petitioners Revenue. Special Leave Petitions are, accordingly, dismissed on the ground of delay. There is a gross delay in filing the Special Leave Petitions which has not been satisfactorily explained by the petitioners Revenue. The Special Leave Petitions are, accordingly, dismissed on the ground of delay. Pending applications, if any, also stand disposed of. The decision rests solely on procedural grounds of delay and insufficiency of explanation by the Revenue; no examination of merits was undertaken. The Court treated the unexplained delay as fatal to the petitions, resulting in dismissal of the SLPs and disposal of ancillary filings.