Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 307 - HC - Income TaxReopening of assessment u/s 147 - reopening on the basis of search conducted on third party who was allegedly manipulating the scrips of M/s. Parikh Herbals Ltd. / Safal Herbs Ltd. - allegation that the petitioner has made a transaction of in alleged shares - no live nexus of assessee - HELD THAT:- As submitted based upon borrowed satisfaction on the part of the AO who has not applied his mind independently to reach to the conclusion that income chargeable to tax has escaped assessment. As submitted that the petitioner has traded on the BSE platform and the scrip in question is not banned and it is open for anyone to invest in the same. As submitted that there is no live nexus between Shri Shailesh Shah and Shri Jignesh Shah and the petitioner, without which, the Assessing Officer has no jurisdiction to reopen the assessment. Having regard to the submissions advanced by the learned advocate for the petitioner, issue Notice, returnable on 05.08.2019. By way of adinterim relief, the respondent is permitted to proceed further pursuant to the impugned notice; he, however, shall not frame the final assessment without the prior permission of this Court.
|