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TMI Blog2014 (3) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no averment also in the reasons for reopening the assessment that there has been any failure on the part of the petitioner to truly and fully disclose all material facts necessary for assessment - the jurisdictional requirement for issuing a notice under Section 148 of the Act beyond the period of 4 years from the end of the relevant assessment year is not satisfied - the assessee has disclosed fully and truly all material facts necessary for assessment – thus, the notice u/s 148 of the Act as well as order set aside – Decided in favour of Assessee. - Writ Petition (L) No.201 of 2014 - - - Dated:- 25-2-2014 - Mohit S. Shah, CJ And M. S. Sanklecha,JJ. For the Appellants : Mr. S. C. Tiwari Along With Ms. Natasha Mangat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 28.11.2008 determining the total income at Rs.16.88,210/ The assessee has claimed Short Term Capital Gain on sale of shares and Mutual Funds of Rs.21,60,073/. On going through the details furnished it is seen that total purchase and sale of shares are Rs. 2,09,03,808/and Rs.2,75,51,850/respectively. The total quantity of shares transacted is 314915. Further, on going through the details of breakup of income, it is noticed that major income is on account of profit on sale of investments of Rs.80,32,762/which proves that assessee is trading in shares and securities. Looking at the voluminous nature of transactions and its frequency, it is evident that the assessee has traded in shares and the resultant gain arising out of trading in shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year 2006-07. Consequently, the impugned notice having been issued beyond the end of 4 years from the end of the assessment year 2006-07, the condition precedent is not satisfied. Besides the reasons as recorded by the Assessing Officer reflects a mere change of opinion in respect of assessment done under Section 143(3) of the Act. Thus, even on the above ground the impugned notice is without jurisdiction. 5) By an order dated 20 December 2013, the Assessing Officer rejected the petitioner's objections dated 7 August 2013 to the reasons recorded for issuing the impugned notice dated 30 March 2013. The order dated 20 December 2013 rejected the objections on the ground that income chargeable to tax is deemed to have escaped assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material facts necessary for assessment which lead to an assessment order dated 28 November 2013. c) Besides it was submitted that all the aforesaid issues were very much present during the assessment proceeding leading to the order dated 28 November 2013. 7) As against the above, Mr. Pinto learned Counsel for the revenue supports the impugned order dated 20 December 2013 rejecting the objections. It is further submitted that the notice dated 30 March 2013 under Section 148 of the Act is valid and calls for no interference. 8) We have considered the rival submissions. It is undisputed position that the notice dated 30 March 2013 has been issued beyond the period of 4 years from the end of the relevant assessment year 2006-07. The j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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