2017 (9) TMI 1631 - HC - Income Tax

Reopening of assessment - According to the reasons, the assessee had shown a contrived loss by misutilization of NMCE platform through the broker R.P.Jambuwala but as contended that in fact, the said figure was not a loss shown by the assessee but was shown as receipts in the commodity speculation account - Held that - NOTICE, returnable on 11.10.2017. The respondent Assessing Officer may continue with the assessment in connection with the impugned notice, final order thereon shall not be passed without the leave of the Court. Direct service is permitted.

Summary

The petitioner challenged a notice for reopening the assessment year 2011-12 based on incorrect facts regarding a contrived loss. The return was accepted without scrutiny initially. The Assessing Officer can continue with the assessment, but a final order requires court permission. Notice returnable on 11.10.2017.