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2022 (2) TMI 1374 - HC - Income TaxRe-opening of assessment u/s 148 - Reasons to believe - HELD THAT:- The reasons does not disclose anything that could be remotely termed “reasons to believe income has escaped assessment.” First of all, it does not explain what reversal trade in BSE means. Secondly, it does not even state on which scrip there has been any reversal trade in BSE that can be termed escapement of assessment and thirdly, how could it be even linked to petitioner. Even in the affidavit in reply, it is simply stated “I say that the Department was having information that petitioner had made reversal trade involved in reversal trade. This is the new information received by respondent no.1 - Decided in favour of assessee.
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