2012 (8) TMI 754 - SCH - Income Tax

Reopening of assessment u/s 147 - assessee has a business loss or speculative loss - Held that - As the assessee has disclosed full details in the Return of Income in the matter of its dealing in stocks and shares the loss incurred was a business loss - re-opening the assessment was not maintainable as decided in assessee s own case in ICICI Securities Ltd. Versus Asstt. Commissioner of Income Tax 3(2), Mumbai & Anr. 2006 (8) TMI 512 - BOMBAY HIGH COURT - in favour of assessee.

Summary

The Supreme Court dismissed the civil appeal regarding the re-opening of assessment by the Assessing Officer, stating it was a change of opinion. The assessee's loss in stocks and shares was considered a business loss by them but a speculative loss by the Revenue. The order re-opening the assessment was deemed not maintainable. No costs were awarded.