2025 (11) TMI 1010 - SCH - Income Tax

Special Leave Petitions restored and governed by Union of India v. Rajeev Bansal (3-10-2024); assessing officers to apply its principles

The SC held the Special Leave Petitions fall within the principles laid down in the 3-10-2024 decision in Union of India v. Rajeev Bansal; assessees are ... Validity of reassessment notices/ proceedings - scope of notices issued under Section 148 of the new regime between July and September 2022 - Application of TOLA to the Income Tax Act after 1 April 2021 - TOLA enacted in the backdrop of the COVID-19 pandemic by extending time limits for completion or compliance of actions under specified Acts As decided by SC these Special Leave Petitions are squarely covered by the Judgment of this Court rendered on 3-10-2024 in “Union of India & Ors. vs. Rajeev Bansal” [2024 (10) TMI 264 - SUPREME COURT (LB)]. The assessees will be governed by reasons discussed in the said Judgment. The assessing officers will dispose of the objections in terms of the law laid down by this Court HELD THAT:- Taking into consideration the averments made in the application filed by the applicant – Seth Iron and Steel Pvt. Limited seeking restoration of the Special Leave Petition(Civil) and the statement made by Mr. V.C. Bharathi, the learned counsel appearing for the respondents – Revenue that he has no objection if the SLP is restored, the application is allowed and the Special Leave Petition is restored to its original number on the file. Application by the applicant (Seth Iron and Steel Pvt. Limited) seeking restoration of Special Leave Petition (Civil) (Diary) No.35709/2025 was considered. The learned counsel for the respondents stated he had 'no objection if the SLP is restored.' On that basis the application was allowed and the Special Leave Petition was 'restored to its original number on the file.' The Miscellaneous Application was disposed of. The matter is to be listed after two weeks.