TMI Blog2018 (2) TMI 676X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Respective impugned notices are set aside. - Decided in favour of assessee - Special Civil Application No. 16789 of 2017 To Special Civil Application No. 16790 of 2017 - - - Dated:- 7-2-2018 - MR. AKIL KURESHI AND MR. B. N. KARIA, JJ. For The Petitioner : DARSHAN R PATEL, ADVOCATE for the Petitioner(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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted the income by ₹ 16,51,096/- by misutilizationn of NMCE platform, through the broker R P Jambuwala and evaded the taxes thereon. Hence the income of the assessee is under assessed by ₹ 16,51,096/-. I have, therefore, reason to believe that the income chargeable to tax has escaped assessment to the extent of ₹ 16,51,096/-. Hence I satisfied that it is a fit case for reopening the assessment u/s. 147 of the IT Act, and to issue notice u/s. 148 of the I.T.Act, 1961. 3. The petitioner raised objections to the notice of reopening under letter dated 01.07.2017 in which, he had contended as under: 1. The very information, on the basis of which you have formed an opinion that I have booked contrived losses a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set off against the assessee's other return of income. 6. According to the assessee, however, he had never claimed loss of ₹ 16.51 lacs and, in fact, the said figure appearing in his balance-sheet was on the credit side. The assessee had thus received the said sum of ₹ 16.51 lacs and not suffered such a loss, as alleged. The assessee pointed out this aspect to the Assessing Officer in the objection raised along with which, he had also produced his balance-sheet. 7. There is nothing on the record that the said sum of ₹ 16.51 lacs was a loss claimed by the assessee. In fact, the balance sheet would show that the said figure was the assessee's receipt through sales. If the case of the Revenue was that after sho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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