The Tax Publishers2019 TaxPub(DT) 6923 (SC) : (2019) 267 TAXMAN 0393

INCOME TAX ACT, 1961

Section 261 Section 147

Where the department filed SLP to appeal against the judgment of Bombay High Court in NuPower Renewables (P) Ltd. v. Asstt. CIT & Ors. [Writ Petition No. 3618 of 2018, dt. 7-3-2019] : 2019 TaxPub(DT) 2145 (Bom-HC), whereby the High Court held that there was nothing in the reasons recorded by the AO to suggest that such invesment was bogus and in the entire reasons, there was no reference to any additional information which was brought to the notice of the AO in this respect that the reasons do not specify that the information supplied to the AO by the Investigation Wing, suggesting that such investment was non-genuine, that the investigation into the source of genuineness and creditworthiness of the investor company would fall within the realm of fishing enquiries, which was wholly impermissible in law in the context of the reopening of the assessment, the Supreme Court dismissed the SLP.

Appeal (Supreme Court) - Special leave petition - Reassessment - Notice after four years--No tangible material

Department filed SLP to appeal against the judgment of Bombay High Court in NuPower Renewables (P) Ltd. v. Asstt. CIT & Ors. [Writ Petition No. 3618 of 2018, dt. 7-3-2019] : 2019 TaxPub(DT) 2145 (Bom-HC), whereby the High Court held that there was nothing in the reasons recorded by the AO to suggest that such invesment was bogus and in the entire reasons, there was no reference to any additional information which was brought to the notice of the AO in this respect that the reasons do not specify that the information supplied to the AO by the Investigation Wing, suggesting that such investment was non-genuine, that the investigation into the source of genuineness and creditworthiness of the investor company would fall within the realm of fishing enquiries, which was wholly impermissible in law in the context of the reopening of the assessment. Held: The Supreme Court dismissed the SLP.

SUBSCRIBE TaxPublishers.inSUBSCRIBE FOR FULL CONTENT