2011 (4) TMI 1184 - PUNJAB AND HARYANA HIGH COURT

Income from undisclosed sources - sale and purchase of the shares by the assessee was a bogus transaction - Held that:- As per the decision of this Court in Som Nath Maini v. CIT [2006 (11) TMI 189 - PUNJAB AND HARYANA HIGH COURT] wherein, in the case of family member of the assessee, Shri Som Nath Maini, this Court had held identical transactions to be non- genuine - Decided against the assessee.

Reopening of assessment - Held that:- Explanation 3 to section 147 has been inserted by Finance (No. 2) Act, 2009, retrospectively from 1-4-1989 wherein it has been provided that the Assessing Officer is justified in making addition even in respect of those issues which come to his notice subsequently in the course of reassessment proceedings though such issue was not included in the reasons recorded while initiating proceedings under section 147 - argument raised by the assessee does not carry any weight - Against assessee.