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2018 (2) TMI 676 - HC - Income TaxReopening of assessment - booking of losses through NMCE platform operating through the proper M/s. R. P. Jambuwala - Held that:- There is nothing on the record that the said sum of ₹ 16.51 lacs was a loss claimed by the assessee. In fact, the balance sheet would show that the said figure was the assessee's receipt through sales. If the case of the Revenue was that after showing the sale of the commodities at ₹ 16.51 lacs, the assessee had claimed artificial losses. No such ground has come on record in the reasons recorded. The Revenue is bound by the reasons recorded by the Assessing Officer for reopening assessment which reasons are shown to be palpably incorrect. On the basis of the reasons recorded, it would not be possible to allow the Revenue to carry out fresh assessment. Facts are similar in all cases. Respective impugned notices are set aside. - Decided in favour of assessee
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