2019 (7) TMI 307

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..... xus of assessee - HELD THAT:- As submitted based upon borrowed satisfaction on the part of the AO who has not applied his mind independently to reach to the conclusion that income chargeable to tax has escaped assessment. As submitted that the petitioner has traded on the BSE platform and the scrip in question is not banned and it is open for anyone to invest in the same. As submitted that there i .....

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..... PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. Mr. Tushar Hemani, learned advocate with Ms. Vaibhavi Parikh, learned advocate for the petitioner, has invited the attention of the court to the reasons recorded for reopening the assessment under section 147 of the Income Tax Act, 1961 to submit that merely because on the basis of search conducted in the case of Shri Shaile .....

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..... that in the present case, what the Assessing Officer seeks to do is to first reopen the assessment and thereafter, try to find out the connection between the petitioner and Shri Shailesh Shah and Shri Jignesh Shah. It was submitted that it is not permissible to reopen the assessment for carrying out a roving and / or fishing inquiry, without any specific finding of escapement of income. .....

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