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2016 (11) TMI 966 - HC - Income TaxReopening of assessment - capital gain has escaped assessment - share transaction inflated - Held that:- It is an admitted position that the petitioner has not placed on record the cost of acquisition of shares of Krunal Oil Marketing. The nature of transaction of transfer of investment from Krunal Marketing's preference shares from Adani Infra preferential shares was immediately not visible from the declaration made by the petitioner. This is therefore, a case where a further scrutiny would be permissible even if the notice for reopening is issued beyond a period of four years from beyond the period of relevant assessment year. We notice that the Assessing Officer had raised certain queries regarding the series of investment by the petitioner in government or other securities. However, the question of transfer of shares of Krunal Oil Marketing Pvt. Ltd. by acquisition of preferential shares of Adani Infra was never examined by the Assessing Officer. Particularly, if we were to believe that there was no full and true disclosure with respect to acquisition of such shares of Krunal by the petitioner and the cost thereof and other relevant details, any inquiry by the Assessing Officer in this respect would not shut out the further scrutiny. - Decided against assessee
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