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TMI Blog2018 (9) TMI 1699X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 ["the Act" for short] on 10th March 2014 assessing total income at Rs. 57.89 lakhs [rounded off]. To reopen such assessment, impugned notice has been issued, which as can be seen from the record, was done beyond the period of four years from the end of relevant assessment year. In order to issue such notice, he had recorded the following reasons : "Reasons for the belief that the income has escaped assessment for reopening the case u/s. 147 of the Income Tax Act, 1961. In this case, the assessee has filed return on 01.10.2011 declaring total income at Rs. 51,88,324/- for the A.Y. 2011-12. 2. Subsequently, on the basis of information received from the DDIT (Inv.), Unit-6(2), Mumbai vide letter No. DDIT (Inv.) 6 (2)/Information/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 100 91.65 9165 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 40 91.65 3666 -do- LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 60 91.65 5499 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 100 91.6 9160 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 1 91.55 91.55 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 1 91.55 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 1 91.55 91.55 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PATEL ACTPP0 291P 531574 VAS INFRA 12.30.10 100 91 9100 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 12.30.10 4000 91 364000 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 12.30.10 2 91 182 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 12.30.10 64 91 5824 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P TOTAL 1465222.7 Details of sale of shares: SCRIP CODE SCRIP NAME TRADE DATE QTY RATE TRADE VALUE MEMBER NAME CLIENT NAME PAN NO 531574 VAS INFRA 11/10/10 1000 169 169000 FCH Centrum Wealth Managers Limited LALITBHAI BABUBHAI PATEL ACTPP02 91P 531574 VAS INFRA 11/10/10 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer, the assessee had purchased and sold shares of one M/s. VAS Infrastructure Limited during the year under consideration. Subsequently, information was received from the Investigating Wing of the Department under communication dated 23rd March 2018 that the said VAS Infrastructure Limited is a penny stock listed on Bombay Stock Exchange and trading in this scrip is highly suspicious and that the Company use to facilitate introduction of unaccounted income of members of beneficial group in the form of exempt capital gain or short term capital gain, or short term capital loss in their books of accounts. It was noticed that the financials of the company do not show any substantial change so as to support large scale share pri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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