2016 (9) TMI 1673 - SCH - Income Tax

Validity of Reopening of assessment - Ingenuine share transactions - As decided by HC 2016 (6) TMI 747 - GUJARAT HIGH COURT in the reasons recorded, the AOhas mentioned that such amount is received by the assessee during the assessment year 2010-11/2011-12 which is not genuine transaction. This one statement cannot be picked out of context and appreciated in isolation to argue that the Assessing Officer is not clear as to in which year such income should be taxed. The notice for the reopening was issued for the assessment year 2010-11, majority of transactions are relevant to such assessment year. If a small portion of the entries related to the subsequent assessment year, it would not mean that the assessment cannot be reopened for the year during which majority of these transactions actually took place. HELD THAT - Exemption from filing certified copy of the impugned judgment is granted. We do not find any legal and valid ground for interference. The Special Leave Petitions are dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petitions after granting exemption from filing certified copy of the impugned judgment. No legal grounds for interference were found.