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2014 (6) TMI 405 - AT - Income TaxValidity of reassessment u/s 143(3) r.w.s. 147 of the Act – Bar of limitation - Deemed dividend u/s 2(22)(e) of the Act - Held that:- The material/or documents filed by the assessee is the source of information for reopening by the AO on the issue relating to the provisions of section 2(22)(e) of the Act - There is no tangible material gathered by the AO which worked as a live wire for the AO to assume jurisdiction validly - the AO already enquired into the issue during the making of the regular assessment – thus, the reassessment made by the AO on the reasons recorded invoking the provisions of section 2(22)(e) of the Act cannot be upheld – Decided in favour of Assessee. Chargeability of the gains on sale of shares/units on proper head of income – Held that:- The gains are short term capital gains and they are earned on the sale of shares/units – the amount even if taxed under the head “Business Income”, there is no tax implication, and thus, there is no tax yielding - concealment of income - no concealment of income is made on this ground. Reassessment relates to the capital nature – expenditure for amalgamation of work - Held that:- the details were available as disclosed by the assessee to the AO and the assessment was completed without making addition on the account after examining the relevant details - There is no defect of disclosure on the issue also on part of the assessee - the proviso to section 147 of the Act has no application – thus, the matter is liable to be remitted back to the AO for reexamination – Decided partly in favour of Assessee.
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