2012 (8) TMI 754 - SC ORDER

Reopening of assessment u/s 147 - assessee has a business loss or speculative loss - Held that:- As the assessee has disclosed full details in the Return of Income in the matter of its dealing in stocks and shares the loss incurred was a business loss - re-opening the assessment was not maintainable as decided in assessee's own case in ICICI Securities Ltd. Versus Asstt. Commissioner of Income Tax 3(2), Mumbai & Anr. [2006 (8) TMI 512 - BOMBAY HIGH COURT] - in favour of assessee.