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2022 (3) TMI 178 - HIMACHAL PRADESH HIGH COURTReopening of assessment u/s 147 - Income Tax Officer/respondent No.2 jurisdiction to issue notice - investments held by the petitioner are to be treated as stock-in-trade and not as capital assets and that the petitioner should have computed the income tax liability under the head ‘profits and gains from business or profession’ and not under the head ‘capital gains’ - HELD THAT:- As brought to our notice that in response to impugned notice dated 30.03.2021, petitioner has filed its reply on 28.04.2021 inter alia stating therein that the Income Tax Officer/respondent No.2 does not have the jurisdiction to initiate the re-assessment proceedings against the petitioner in light of 3rd proviso to Section 147. This fact has not been denied by learned Senior Counsel for the respondents-department. In light of the submissions made by learned counsel for the parties, we dispose of the instant writ petition by directing that the jurisdictional/preliminary issue raised by the petitioner in its reply filed to the impugned notices, shall be decided first by respondent No. 2/Income Tax Officer. In case of decision going against the petitioner, it shall be granted 15 days’ time to avail appropriate remedy in accordance with law for redressal of its grievances in accordance with law.
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