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2022 (10) TMI 550 - HC - Income TaxReopening of assessment u/s 147 - Scope of mandatory procedure of newly inserted Section 148A - bogus LTCG - HELD THAT:- The issue of limitation though raised in the reply to the SCN was not urged by the learned counsel for the petitioner. However, as noted above the initial reassessment notice has been construed as a notice under Section 148A(b) in terms of the judgment in Ashish Agarwal [2022 (5) TMI 240 - SUPREME COURT] and therefore the proviso to Section 149 of the Act is not attracted in the facts of this case. In view of the report of DDIT (Inv.) Unit-7(1) and 7(3) Mumbai, shared with the AO which suggests that the LTCG earned by the petitioner in AY 2014-15 was bogus and since, the said LTCG was claimed as exempt income, the AO at this stage, concluded that the said bogus LTCG is an income chargeable to tax which has escaped assessment. We therefore in the facts of this case do not find any ground to interfere with the impugned order dated 20th July, 2022, passed under Section 148A(d) of the Act and the re-assessment proceedings, at this initial stage. Writ petition is dismissed reserving liberty to the petitioner to raise all its contentions before the AO. We however direct the AO to provide the petitioner with all the relevant information pertaining to petitioner’s transaction with Nyssa Corporation Limited available with the AO, after redacting third party information within four weeks from today.
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