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2014 (8) TMI 763 - AT - Income TaxReopening 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.
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