New Delhi: The Supreme Court has cleared the way for income-tax assessments of the two businessman sons of former Chief Justice of India (CJI) YK Sabharwal over share transactions linked to their purchase of a prime property on Delhi’s Sikandra Road in 2010. A bench comprising Justices JB Pardiwala and K Vinod Chandran dismissed four appeals filed by Chetan and Nitin Sabharwal, upholding the income-tax reassessment notices for the assessment years 2008-09 and 2009-10, PTI reported.
\n\nJustice Sabharwal was the 36th Chief Justice of India, serving from November 1, 2005, to January 14, 2007. His judicial career spanned several decades, during which he served in the Delhi High Court, Bombay High Court and the Supreme Court.
\n\nThe apex court said the notice issued by the Income Tax Department on March 31, 2015, was based on valid "reasons to believe" under Sections 147 and 148 of the Income-tax Act, 1961.
\n\nIn its October 28 judgment, the top court said the probe report submitted by the Director General provided tangible material for the Assessing Officer to form a reasonable belief that income chargeable to tax had escaped assessment.
\n\nIt observed that "reason to believe" means cause or justification, and the officer need…
Original source: https://www.timesnownews.com/delhi
