Supreme Court Dismisses Petition, Upholds High Court Order; All Pending Applications Resolved, Case Finalized.Reopening of assessment u/s 147 - diversion of the loan to sister concerns - petitioner impugned the exercise of the assessment which came to be continued post the rendering of the judgment in Ashish Agarwal [ 2022 (5) TMI 240 - SUPREME COURT] in terms of a Section 148A(b) As decided by HC [ 2024 (7) TMI 1568 - DELHI HIGH COURT] .We find ourselves unable to sustain that challenge bearing in mind the fact that the credible information which constituted the bedrock for the formation of opinion had... ... ... The Supreme Court dismissed the Special Leave Petition after finding no reason to interfere with the impugned order passed by the High Court. Pending applications were also disposed of.

Citation: TMI
Judges: HON'BLE MR. JUSTICE J. B. PARDIWALA and HON'BLE MR. JUSTICE R. MAHADEVAN
Petitioner's Counsel: Mr. Anand Chaudhuri, Mr. Kumail Abbas, Mr. Abhinav Jain, Mr. Manish Kumar Shekhari Reopening of assessment u/s 147 - diversion of the loan to sister concerns - petitioner impugned the exercise of the assessment which came to be continued post the rendering of the judgment in Ashish Agarwal [ 2022 (5) TMI 240 - SUPREME COURT] in terms of a Section 148A(b) As decided by HC [ 2024 (7) TMI 1568 - DELHI HIGH COURT] .We find ourselves unable to sustain that challenge bearing in mind the fact that the credible information which constituted the bedrock for the formation of opinion had categorically alluded to the aforesaid transactions, namely, the alleged diversion of the loan to sister concerns. The direction of the Court was to carry out an exercise of examining the explanation as proffered by the petitioner afresh.AO was clearly not disabled from proceeding to examine the entire case including on the basis of the allegations which formed part of para 2.5 of the original reasons to believe . HELD THAT:- Having heard the learned counsel appearing for the petitioner and having gone through the materials on record, we see no good reason to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed. ALANKAR APARTMENTS PVT. LTD. Versus ASSISSTANT COMMISSIONER OF INCOME TAX CIRCLE 1 (1), DELHI
Income Tax
2024 (12) TMI 992 - SC Order - TMI
SUPREME COURT - SC
Dated:- 16-12-2024
Special Leave to Appeal ( C ) No. 26787 / 2024 - -
Income Tax
HON'BLE MR. JUSTICE J. B. PARDIWALA And HON'BLE MR. JUSTICE R. MAHADEVAN For the Petitioner : Mr. Anand Chaudhuri, Adv. Mr. Kumail Abbas, Adv. Mr. Abhinav Jain, Adv Mr. Manish Kumar Shekhari, AOR ORDER UPON hearing the counsel the Court made the following. 1. Having heard the learned counsel appearing for the petitioner and having gone through the materials on record, we see no good reason to interfere with the impugned order passed by the High Court. 2. The Special Leave Petition is, accordingly, dismissed. 3. Pending applications, if any, also stand disposed of.
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