Income tax reassessment u/s147 despite lower tax liability than assessed u/s143(3), SLP dismissed for filing delay. The dominant issue was whether gross delay in filing the special leave petition should be condoned. The SC held that the reasons advanced for condonation ...
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Income tax reassessment u/s147 despite lower tax liability than assessed u/s143(3), SLP dismissed for filing delay.
The dominant issue was whether gross delay in filing the special leave petition should be condoned. The SC held that the reasons advanced for condonation were neither satisfactory nor legally sufficient to justify exercise of discretion. Consequently, the application for condonation of delay was dismissed, and the special leave petition was dismissed as not entertainable, leaving undisturbed the HC's view that reassessment under s.147 was impermissible where the recorded reasons showed tax payable would be less than that already assessed under s.143(3), negating any belief of income escaping assessment.
A special leave petition was filed with a "gross delay of 330 days." The application seeking condonation of delay was rejected because "the reasons assigned for seeking condonation of delay are neither satisfactory nor sufficient in law so as to be condoned." On that basis, the Court dismissed the condonation application and, as a consequence, dismissed the special leave petition. Any pending application(s) were disposed of.
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