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TMI Blog2014 (5) TMI 779X X X X Extracts X X X X X X X X Extracts X X X X ..... period prior to 25th January 2006 as he was dealing with the return of income for the AY 2005-06 – notice u/s 148 of the Act do not say that the escapement of income was on account of failure on the part of the assessee to fully and truly disclose the facts. - Writ Petition No. 2843 of 2012 - - - Dated:- 25-4-2014 - S. J. Vazifdar And B. P. Colabawalla,JJ. For the Appellants : Mr. Percy Pardiwalla, Sr. Counsel with Mr. Sameer C. Dalal i/b Mr. Pankaj Toprani and Ms. Kadambari Surve For the Respondent : Mr. Tejveer Singh ORDER P. C. 1. Rule. Rule returnable forthwith. 2. The Petitioner has challenged a Notice issued under section 148 of the Income Tax Act 1961 dated 29th March 2011 and the order of the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of the aforementioned circular and also copy of debit note for the 1st quarter of the year reflecting the 7 V SAT at the beginning of the year along with the respective deposits and 3rd quarter after 6 V SAT were surrendered. The same should be construed as early surrender charges. 7. DERIVATIVES LOSS Derivative is a product whose value is derived from the value of one or more basic variables, called bases (underlying asset, index or reference rate), in a contractual manner. The underlying asset can be equity, forex, commodity or any other asset. For example, wheat farmers may wish to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction is an example of a derivative. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Petitioner had concealed any information whatsoever. Indeed, the reasons themselves indicate that the proposed reopening is not on the basis of any new or tangible material. It is based on the record as it stood before the Assessing Officer. The reasons therefore state that the proposed reopening is on the basis of the verification of the record. They do not state that the record was other than that before the Assessing Officer. The reasons refer to clause 17(a) of the Tax Audit Report furnished in Form 3CD and the details of the general expenses of the profit and loss account of the Assessee. 6. The first point in the reasons pertains to the deduction claimed and granted in respect of the expenses of the V SAT deposit retai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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