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2017 (9) TMI 1896 - ITAT CHENNAIValidity of Reopening of assessment - reopening beyond 4 years from the end of the relevant assessment year - Disallowance of speculation loss - speculation loss cannot be set off against normal business loss - HELD THAT:- AO has not mentioned as to what was the failure on the part of the assessee to disclose any material fact fully and truly which was necessary at the time of assessment on the earlier occasion u/s.143(3) - assessee has produced the details with respect to the loss at the time of original assessment. There is no contrary finding by neither the Ld.AO nor the Ld.CIT(A) that the assessee had concealed these facts at the time of original assessment - Revenue authorities has also not brought out a case that any fresh tangible material has surfaced after the original assessment made U/s.143(3) - Revenue has no jurisdiction to reopen the case of the assessee u/s.147 of the Act which is beyond the period of four years from the end of the relevant assessment year, further the assessee had fully and truly disclosed all materials at the time of original assessment U/s 143(3) - Decided in favour of assessee.
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