https://www.taxtmi.com/caselaws?id=775108 The SC dismissed the Revenue's Special Leave Petition due to inordinate delay of 198 and 79 days in filing/refiling, which was not satisfactorily explained. The case involved validity of reopening assessment based on a survey conducted at Jammu Kashmir Bank under section 133A. The Revenue concluded income escaped assessment merely because the assessee transacted with the bank, citing mismatched remittance amounts. However, the bank clarified there were two different entries - one notional and one actual realization basis - with the assessee's books reflecting actual realized foreign exchange rates. The HC had ruled that when all material was produced during regular assessment and basic accounting principles were followed, the AO could not form prima facie belief of income escapement. The SC upheld this decision, dismissing the petition on both delay and merits. en-us Mon, 14 Jul 2025 00:00:00 +0530 Sat, 19 Jul 2025 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775108 The SC dismissed the Revenue's Special Leave Petition due to inordinate delay of 198 and 79 days in filing/refiling, which was not satisfactorily explained. The case involved validity of reopening assessment based on a survey conducted at Jammu Kashmir Bank under section 133A. The Revenue concluded income escaped assessment merely because the assessee transacted with the bank, citing mismatched remittance amounts. However, the bank clarified there were two different entries - one notional and one actual realization basis - with the assessee's books reflecting actual realized foreign exchange rates. The HC had ruled that when all material was produced during regular assessment and basic accounting principles were followed, the AO could not form prima facie belief of income escapement. The SC upheld this decision, dismissing the petition on both delay and merits. Case-Laws Income Tax Mon, 14 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775108