2025 (11) TMI 660 - SCH - Income Tax

Special leave petitions dismissed; reopening assessment under s.147 beyond four years unjustified due to lack of nexus to WDV

SC dismissed the special leave petitions and declined to interfere with the HC's judgment, which had held that reopening assessment under s.147 beyond ... Reopening of assessment u/s 147 - Slump Sale - reopening beyond four years - HC held [2025 (2) TMI 306 - GUJARAT HIGH COURT] reasons recorded pertaining to the submission made by the holding Company of the petitioner before the Settlement Commission so as to disallow the depreciation claimed by the petitioner on such submission of accommodation entry for purchase of the capital assets on the WDV of such capital assets, it would be without any basis as the claim of depreciation made by the petitioner has nothing to do with the WDV reflected in the books of accounts - AO could not have assumed the jurisdiction on such to form a reason to believe that income has escaped the assessment. HELD THAT:- We are not inclined to interfere with the impugned judgment and order passed by the High Court. Special Leave Petitions are dismissed 'Delay condoned.' The Court heard the petitioner's counsel and, after consideration, stated 'We are not inclined to interfere with the impugned judgment and order passed by the High Court.' Consequently, 'The Special Leave Petitions are dismissed' and the accompanying interlocutory application(s), if any, 'stands disposed of.' The order reflects a refusal to grant relief against the High Court's decision, with no grant of leave to appeal and no further judicial intervention contemplated in this proceeding.