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2022 (4) TMI 1234 - HC - Income TaxReopening of assessment u/s 147 - Bogus Long Term Capital Gains/Short Term Capital Lossess in penny stock scrips to the beneficiaries by manipulating stock market - reopening is proposed after expiry of 4 years - HELD THAT:- It is settled law that once a query is raised, during assessment proceeding and assessee has replied to it, it follows that the query raised was subject of consideration of the A.O. while completing the assessment and it is not necessary that assessment order should contain reference and/or discussion to disclose its satisfaction in respect of query raised. Still, in affidavit in reply it is admitted that the A.O. had accepted particulars of transactions furnished by petitioner and the A.O. has treated the same as bonafide transactions and assessed accordingly. Even if, the Assessing Officer had no means to know that the transactions in the scrip of JRI Industries and Infrastructure Limited are not bonafide and even if, we assume that the Assessing Officer had committed a mistake, still, as held in Gemini Leather Stores vs The Income Tax Officer [1975 (5) TMI 1 - SUPREME COURT] assessment cannot be re-opened by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts as Income Tax Officer had material facts before him when he made original assessment and he can not take recourse to reopen to remedy the error.
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