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TMI Blog2019 (2) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... m of ₹ 18.82 crore as total transaction in the commodities. In the petition as well as in the objections raised before the Assessing Officer, the petitioner pointed out that his sales were to the tune of ₹ 16.82 crore against purchases of 16.84 crore and thereby, he had actually suffered a loss. The Assessing Officer has not discarded these assertions. We are conscious that the petitioner not having filed return of income and consequently there being no scrutiny assessment, the Assessing Officer would have much wider latitude to reopen the assessment. However, in such a case also, the primary requirement of the Assessing Officer having a reason to believe that the income chargeable to tax had escaped assessment would apply. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions of ₹ 18,82,26,100/- in National / Multi Commodity Exchange. Ongoing through the details, it is seen that the assessee has not filed his return of income for the A.Y. 2011-12. 3. Analysis of information received From the analysis of information as per NMS date and ITS details, it is seen that during the F.Y. 2010-11, the assessee has entered into contract of ₹ 18,82,26,100/- in the Commodities exchange, however, no return of income has been filed for A.Y. 2011- 12. As such, profit / gain on commodity exchange remains unexplained and also the source of investment in these transactions remains unexplained. 4. Enquiries made as sequel to information received A letter for verification of above informat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue notice u/S. 148 of the Income Tax Act, 1961 in the above case for AY 2011-12 is submitted to the Pr. Commissioner of Income Tax, Range - 1, Thane for kind approval. (b). Upon being supplied the reasons, the petitioner raised objections under letter dated 26.10.2018. In such objections, the petitioner contented that he had earned no income out of trading in Commodity Exchange . He pointed out that the petitioner's sales turnover was ₹ 16.82 lacs (rounded off) and he actually suffered a loss of ₹ 1.61 lacs. (c). The Assessing Officer, however, rejected the objections by order dated 28.11.2018. With respect to the petitioner's contention of no taxable income, he stated that the same would be subject to ver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income, he had not responded to the said query. The petitioner did communicate to the Department that he had no taxable income and therefore, there was no requirement to file the return. The Assessing Officer did not carry out any further inquiry before issuing the impugned notice. In the reasons, one more error pointed out by the petitioner is that the Assessing Officer referred to the sum of ₹ 18.82 crore as total transaction in the commodities. In the petition as well as in the objections raised before the Assessing Officer, the petitioner pointed out that his sales were to the tune of ₹ 16.82 crore against purchases of 16.84 crore and thereby, he had actually suffered a loss. The Assessing Officer has not discarded these ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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