2025 (11) TMI 346 - SCH - Income Tax

Reopening assessment under Section 147 after four years invalid where slump sale assets valued, depreciation allowed, residual treated as goodwill

HC held reopening assessment under section 147 beyond four years was impermissible where assets in a slump sale were valued by an expert and depreciation ... Reopening of assessment u/s 147 - Slump Sale - reopening beyond four years - HC [2025 (2) TMI 306 - GUJARAT HIGH COURT] held AO could not have assumed the jurisdiction on such to form a reason to believe that income has escaped the assessment as assessee/petitioner is entitled to depreciation on the basis of the valuation made by the expert valuer of each of the assets forming part of the sale consideration and the balance is treated as a goodwill upon which the depreciation was allowed by the AO at the rate of 25% during the course of the regular assessment as per the provisions of the Act. - HELD THAT:- We are not inclined to interfere with the impugned order in exercise of our jurisdiction under Article 136 of the Constitution of India. Special Leave Petition is, accordingly, dismissed and the accompanying interlocutory application(s), if any, stands disposed of. 'Delay condoned.' The Court declined to exercise its discretionary jurisdiction under Article 136 of the Constitution of India, stating 'We are not inclined to interfere with the impugned order in exercise of our jurisdiction under Article 136 of the Constitution of India.' Consequentially, 'The Special Leave Petition is, accordingly, dismissed' and any accompanying interlocutory applications stand disposed of. The order reflects a refusal to grant extraordinary relief against the impugned decision, without setting aside or modifying the underlying order; no further reasons are elaborated in the record. The disposition is summary in nature and terminates the matter at the appellate discretionary stage, leaving the impugned order intact and any interim applications resolved.