INCOME TAX ACT, 1961

Article 137 Section 147 Section 148

Review (Supreme Court) - Condonation of delay - Reassessment - Notice issued beyond four years--Validity of reasons to believe

Department preferred Review Petition against the order of Supreme Court dismissing the SLP (C) No. 24295 of 2019 dated and consequently writ appeal preferred against the judgment of Bombay High Court arising out W.P. No. 3338 of 2018, whereby the High Court upheld the order of writ court, holding that in its return of income assessee had claimed expenditure on 'Colour Idea Stores' and during regular assessment proceedings under section 143(3). AO had occasion to examine assessee's claim and thus, there was a complete disclosure of all primary material facts on assessee's part and impugned notice was hit by proviso to section 147 and, therefore, same was set aside. Held: The Supreme Court found no justifiable reason to condone huge delay of 299 days in filing the review petition, however seen on merits, perused the Review Petition and connected papers pertaining to record of SLP and on finding no error apparent therein warranting reconsideration of the order, dismissed the Reveiw Petition.