9911796707
TMI Blog2016 (7) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The petitioner has challenged a notice dated 30.03.2015 issued by the respondent-Assessing Officer under Section 148 of the Income Tax Act, 1961 ['the Act' for short] under which, he reopened the petitioner's assessment for the assessment year 2008-09. 2. The petitioner, as an individual, had filed the return of income for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds on the volume and frequency of transactions. When there are huge number of transactions, the income has to be treated as an 'income from business' and taxed accordingly. CBDT has also issued a guideline in the regard vide Circular No. 4 of 2007 dated 16.06.2007 providing the circumstances where the share trading income has to be regarded as business income. The assessee had filed retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he year itself and the balance unsold shares were purchased before 2-3 months of the year ending. The assessee has not held any stock for more than 6 months. It is apparent from the above that the assessee has made purchase and sales transactions with a motive to earn profit and were in the nature of an adventure in trade and it was not in the nature of investment to earn dividend. In view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional condition of the income escaping assessment for the reason of the failure on part of the assessee to disclose truly and fully all material facts, therefore, had to be satisfied. In this context, if we peruse the reasons recorded by the Assessing Officer there is no averment of any failure on part of the assessee to disclose truly and fully all material facts. The reasons referred to material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner was trading in shares and not investing to earn dividend. We only find that, in absence of failure on part of the petitioner-assessee to disclose truly and fully all materials facts, reopening of assessment, which was previously framed after scrutiny, could not have been done. Only on this count, the keeping petitioner's contention of change of opinion aside, impugned notice is quas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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