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of <h1>Delayed SLP (411-day) dismissed; reassessment notices quashed for failing twin conditions; assessing officer lacked jurisdiction</h1> <h3>The Assistant Commissioner of Income Tax Circle 1 & Ors. Versus Tungabhadra Minerals Pvt. Ltd.</h3> The SC dismissed the delayed SLP (411-day delay unexplained) and, on merits, upheld the HC's finding that notices for reopening assessments failed to ... Reopening of assessment - reasons for re-opening within or beyond 4 years - reasons to believe - basic contentions of the revenue for re-opening the assessment is that firstly under-invoicing of export and failure on the part of assessee to disclose fully and truly all material and commission paid to the foreign agents - Delayed filling SLP - HC [2024 (5) TMI 167 - BOMBAY HIGH COURT] decided that notices issued for re-opening and assessment in all these matters failed to satisfy twin conditions. AO therefore, could not have exercised jurisdiction for re-opening of assessment which were concluded way back HELD THAT:- There is a gross delay of 411 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. Even otherwise, we see no good ground to interfere with the impugned order passed by the High Court. Special Leave Petition is, therefore, dismissed on the ground of delay as well as merits. There is a gross delay of 411 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. The Court further found 'no good ground to interfere with the impugned order passed by the High Court.' On both procedural and substantive bases the petition was rejected: 'The Special Leave Petition is, therefore, dismissed on the ground of delay as well as merits.' The order disposes of all pending applications. The essential legal reasoning rests on (1) inexcusable and unexplained delay fatal to maintain the Special Leave Petition and (2) absence of any substantive basis warranting interference with the High Court's decision, making dismissal appropriate on merits in addition to procedural bar.
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