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2022 (4) TMI 245 - GAUHATI HIGH COURTValidity of reopening of assessment u/s 147 - discrepancy between the reasons of the reopening and the conclusion in the order disposing of the objection - assessee was found to be the beneficiary of fictitious losses in equity/derivative trading - HELD THAT:- In the communication the reasons for reopening of the assessment against the petitioner in respect of the assessment year 2015-2016 provides that the information had been received through the insight portal of the department regarding fictitious losses in equity and derivative trading and that the assessee was found to be the beneficiary of fictitious losses in equity/derivative trading. In the third paragraph thereof it is stated that during the scrutiny assessment u/s 143(3) of the Act, the assessee did not bring the said fact before the department and it was found that the same was a new fact/ information, which was not covered in the earlier proceeding. It appears a discrepancy between the reasons of the reopening and the conclusion in the order disposing of the objection dated 16.03.2022 that the assessee had not provided complete details of the losses from derivative which the assessee had incurred from forex trading. The respondents to file their affidavit as to why the reassessment proceeding had been initiated under Section 148 of the Act. Affidavit be filed before the next returnable date.Till the returnable date further proceeding under Section 148 initiated against the petitioner by the communication dated 31.03.2021 be not carried further.
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