TMI Blog2008 (12) TMI 765X X X X Extracts X X X X X X X X Extracts X X X X ..... etition was filed for quashing of notice for reassessment dated 5.2.2008, Annexure P-5, under Section 148 of the Income Tax Act, 1961 (for short, the Act ). 2. After notice was issued, assessment order dated 13.10.2008, Annexure P-10 has been passed, on account of which the petitioner has filed application for amendment of the writ petition to challenge the said order also. C.M. No.24345 is al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961 loss from speculative profit can be set off only against speculation profit and not against another income. Thus income to the tune of ₹ 22,45,008/- is escaped assessment. From the details of interest filed by the assessee with the return of income, it is seen that the assessee earned interest on FDRs with bank at ₹ 2928904/- out of which interest paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02-03, in terms of section 147 of the Income Tax Act, 1961. 5. Learned counsel for the petitioner submitted that under proviso to Section 147 of the Act, which applies if reassessment is proposed after four years, only ground for reassessment can be failure of the assessee to file return or to make true and full disclosure of the material. Reasons given in the impugned notice show that there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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