Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 763 - ITAT DELHIReopening of assessment u/s 147 – Preconditions for initiation of proceedings satisfied or not – Held that:- The AO himself has mentioned that the assessee has invested as share capital in M/s Isher Dass Sahni and Bros. Pvt.Ltd. But the accounts of the assessee did not reflect this investment - the assessee has disclosed the fact of investment in shares of M/s Isher Dass Sahni and Bros. Pvt.Ltd.- the investment is made by the third party - part of the investment which is made directly by the assessee is by cheque and some part is paid by the third party – following the decision in ACIT and Others Vs. ICICI Securities Primary Dealership Ltd. – [2012 (8) TMI 754 - SUPREME COURT] - the assessee had disclosed the full details in the return of income with regard to dealing in stock and shares - the assessment was reopened on the ground that the loss incurred by the assessee from the sale of shares was a speculation loss and not business loss - The assessee also explained the source of investment in shares - nothing new has come to the notice of the Revenue but the assessment is being sought to be reopened on a mere relook of the matter already available on record - thus, the reopening of assessment by the AO u/s 147 was not valid - the notice issued u/s 148 beyond the period of four years from the end of the relevant assessment year is set aside – Decided in favour of Assessee.
|