TMI Blog2022 (2) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... on which scrip there has been any reversal trade in BSE that can be termed escapement of assessment and thirdly, how could it be even linked to petitioner. Even in the affidavit in reply, it is simply stated I say that the Department was having information that petitioner had made reversal trade involved in reversal trade. This is the new information received by respondent no.1 - Decided in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn of income for the year under consideration on 29.09.2015 declaring loss of Rs.1476/-. Subsequently, the case was selected for scrutiny and the assessment was completed on 19.12.2017 on the total assessed loss of Rs.70,05,060/-. During the year under consideration, the assessee was engaged in the business of providing financial services. The income department has collected information ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reversal trades in BSE 2. On verification of details available on record, it can be seen that assessee has concealed income related to reversal trades investment in BSE. 3 4 5 6 . 2 Mr. Padvekar is at loss as to what reversal trade in BSE means. Mr. Sharma is not very certain what it could mean and we are also at sea. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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