Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 567 - AT - Income TaxRecording of reasons u/s 147 of the Act – Validity of issue of notice u/s 148 of the Act – Held that:- Scrutiny of assessment was made but notice u/s.148 was issued within four years – Relying ACIT vs. Rajesh Jhaveri [2007 (5) TMI 197 - SUPREME Court] - in case of case processed u/s. 143(1)(a), no opinion has been formed by the AO - thus, no question of change of opinion is there - The reasons recorded by the AO are of subjective satisfaction of the AO and within the realism of him - notice u/s. 148 was within four years and assessee has not demonstrated with evidence that this issue even has been touched by the AO in first scrutiny assessment - The AO has ample power to reopen where scrutiny assessment had been made previously – Decided against Assessee. Confirmation of loss as speculative loss – Held that:- Assessee has only furnished computation of capital loss along with the return and explanation with details but without any evidence and he concluded that the nature of transaction is without delivery and covered u/s. 43(5) of the IT Act – assessee has not produced any evidence by which he can demonstrate that nature of transaction is short term capital loss - In absence on evidence, it is difficult to ascertain the nature of the transaction - There is no evidence of past from the assessee’s record which substantiate assessee’s claim – thus the matter is remitted back to the AO for fresh consideration – Decided in favour of Assessee.
|