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2014 (5) TMI 779 - BOMBAY HIGH COURTValidity of notice u/s 148 of the Act – Bar of limitation – No concealment of information – Deduction of VSAT expenses – Derivative loss – Applicability of section 43(5)(b) of the Act - Held that:- The reasons indicate that the proposed reopening is not on the basis of any new or tangible material - The applicability of the Notification is prospective - the reasons that the derivative transactions till 25th January 2006 were not entitled to the benefit of the Notification and were treated as speculative transactions - It would be absurd to presume that the AO was not aware of the fact that the transactions pertained to the period prior to 25th January 2006 as he was dealing with the return of income for the AY 2005-06 – notice u/s 148 of the Act do not say that the escapement of income was on account of failure on the part of the assessee to fully and truly disclose the facts.
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