https://www.taxtmi.com/caselaws?id=775057 The SC dismissed a special leave petition challenging the HC's decision to quash reassessment proceedings under section 147. The assessee had allegedly generated non-genuine gains through trading in Kusha Script on BSE. The HC found that the AO's reasons for reopening assessment lacked sufficient information beyond the general allegation. Crucially, even if the proposed addition were made, the income taxable under section 115JB would remain unchanged, rendering the reassessment proceedings futile. The SC upheld this finding but dismissed the petition solely on grounds of delay, noting 196 days' delay in filing without justifiable cause for condonation. The reassessment proceedings were effectively quashed as they would serve no fruitful purpose. en-us Thu, 03 Jul 2025 00:00:00 +0530 Fri, 18 Jul 2025 08:22:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775057 The SC dismissed a special leave petition challenging the HC's decision to quash reassessment proceedings under section 147. The assessee had allegedly generated non-genuine gains through trading in Kusha Script on BSE. The HC found that the AO's reasons for reopening assessment lacked sufficient information beyond the general allegation. Crucially, even if the proposed addition were made, the income taxable under section 115JB would remain unchanged, rendering the reassessment proceedings futile. The SC upheld this finding but dismissed the petition solely on grounds of delay, noting 196 days' delay in filing without justifiable cause for condonation. The reassessment proceedings were effectively quashed as they would serve no fruitful purpose. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775057