2025 (12) TMI 748 - SCH - Income Tax

SLP dismissed as delayed, leaving s.153(2A) time-bar finding on transfer pricing reassessment orders intact, undisturbed for assessee

SC dismissed the revenue's special leave petition challenging the HC's quashing of transfer pricing reassessment orders as time-barred under s.153(2A) of ... TP Adjustment - Period of limitation u/s 153(2A) - Scope of amendment w.e.f. 1.4.2016 - retrospective effect - Legislative intention - consequential order passed by the AO after an inordinately delayed period of time - authority as denude of its powers after the prescribed time limit - As decided by HC [2023 (10) TMI 785 - TELANGANA HIGH COURT] we are of the considered opinion that the proceedings drawn, admittedly being beyond a period that is prescribed under sub-section (2A) of Section 153 and the consequential orders passed are all beyond the period of limitation prescribed under sub-section (2A) of Section 153. Hence, the same being not sustainable, deserves to be and is accordingly set aside/quashed. HELD THAT:- This special leave petition is filed with a reported delay of 632 days, we do not find sufficient explanation to condone the delay. Special leave petition is dismissed on ground of delay. The Supreme Court dealt with a special leave petition filed with a reported delay of 632 days. After hearing counsel for the petitioners, the Court examined whether there was 'sufficient explanation to condone the delay.' It found that the petitioners had not provided an adequate or satisfactory explanation for the inordinate delay in approaching the Court. Emphasizing that condonation of delay is not a matter of right and requires a convincing justification, the Court declined to exercise its discretion in favour of the petitioners. Consequently, the special leave petition was 'dismissed on ground of delay.' All pending applications, if any, were ordered to stand disposed of.