Chetan Sabharwal and Nitin Sabharwal had appealed a Delhi High Court decision that permitted tax reassessments for the 2008-09 and 2009-10 assessment years. The case centers on share sales yielding Rs 255 crore, which later funded the purchase of a half-share of a Sikandara Road property via a court auction in April 2010. Investigators determined that the transacted company shares were substantially overvalued compared to the underlying land and buildings. The Supreme Court concluded this valuation discrepancy provided sufficient tangible material to justify the reassessment notices.
Key points
The Income Tax Department is legally permitted to reopen assessments when tangible eviden…: The Income Tax Department is legally permitted to reopen assessments when tangible evidence indicates income has escaped scrutiny.
Valuation reports from tax investigation units establish a valid rational nexus for reope…: Valuation reports from tax investigation units establish a valid rational nexus for reopening previous financial assessments.
The Supreme Court dismissed the appeal, allowing tax authorities to proceed with reassess…: The Supreme Court dismissed the appeal, allowing tax authorities to proceed with reassessments for the 2008-09 and 2009-10 years.
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SC allows tax department to reopen assessment of former CJI YK Sabharwal's sons over Rs 255 crore share sale deals.
NEW DELHI: Holding that the income tax department is not precluded from conducting reassessment upon discovering evidence suggesting income had escaped assessment, Supreme Court upheld a Delhi high court order allowing the agency to reassess the income of the sons of former Chief Justice of India YK Sabharwal for 2008-09 and 2009-10.A bench of Justices J B Pardiwala and K Vinod Chandran dismissed the Sabharwals' appeal and said the notice issued by the department in 2015 was valid as it was based on reasons duly recorded and on tangible material of a report of its investigation unit.
2015 notice of assessing officer issued on reasons duly recorded and is valid: SC
Recording details of financial transactions, the Supreme Court bench noted Chetan Sabharwal along with his brother Nitin Sabharwal and two other shareholders entered into two share purchase agreements with GYS Real Estate Pvt Ltd (buyer company) for a sale of 7.5 lakh equity shares of Pawan Impex (P) Ltd…
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