9911796707
TMI Blog2022 (6) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... s is an appeal by the assessee against order dated 12.10.2018 of learned Commissioner of Income-Tax(Appeals)-36, New Delhi for the assessment year 2010-11. 2. Before we proceed to decide the appeal, it is necessary to observe that vide order dated 27.11.2000, the Tribunal accepting assessee's request has fixed the appeal for hearing on an out of turn basis. However, on the subsequent dates of hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Commissioner (A) in passing the order without considering the circumstances of the case and confirming the action of Income Tax Officer in reopening the assessment under section 148 of the Income Tax Act is unjust, illegal, arbitrary and against the facts and circumstances of the case. 2. Action of learned Commissioner (A) in treating the loss from F & O Trading of Rs.1,21,17,685 as non ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... National Stock Exchange. Based on such information, Assessing Officer reopened the assessment under Section 147 of the Act. In course of assessment proceedings, the Assessing Officer called upon the assessee to prove the genuineness of the loss shown in respect of the share transactions. Further, to independently verify the genuineness of the transaction, Assessing Officer issued notice under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer received the specific information indicating that the loss from share transaction claimed by the assessee is non-genuine as such undue benefit was gained through Client Code Modification. Thus, it is very much clear that the Assessing Officer had tangible material to reopen the assessment under Section 147 of the Act. Further, the objection raised by the assessee against reopening of as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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