2018 (2) TMI 676

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..... ioner(s) No. 1 For The Respondent : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These petitions arise in common background. They have been heard together and disposed of by this common judgement. For convenience, we may record facts from Special Civil Application No. 16788 of 2017. 2. The petitioner is an individual and is assessed to tax. He is enga .....

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..... in booking the contrived losses by misutilization of NMCE platform and these losses were used to set off against the other incomes. As per the information provided, the assessee, Narendrakumar Mahasukhbhai Patel, has booked contrived losses of Rs. 16,51,096/- by misutilization of NMCE platform, through the broker R P Jambuwala. This loss has been used to set off against the other income and the .....

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..... t I have booked contrived losses and used these losses to set off against other income, is factually incorrect. 2. In fact there is profit of Rs. 16,51,096.18/- which has duly been included in my accounts as well as original return of income. Therefore in my case there is no income which has escaped assessment. This is per se visible from the original statement of income and copy of commodity s .....

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..... n booking the contrive losses by utilizing NMCE platform. These losses would be set off against other income. In case of the assessee he had booked such contrived losses to the extent of Rs. 16.51 lacs (rounded off) through NMCE platform operating through the proper M/s. R. P. Jambuwala. Such contrived losses were set off against the assessee's other return of income. 6. According to the asse .....

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..... ed. The Revenue is bound by the reasons recorded by the Assessing Officer for reopening assessment which reasons are shown to be palpably incorrect. On the basis of the reasons recorded, it would not be possible to allow the Revenue to carry out fresh assessment. Facts are similar in all cases. 8. All petitions are therefore allowed. Respective impugned notices are set aside.
Case laws, Decis .....

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