9911796707
TMI Blog2021 (12) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... be reached. In the absence of such fresh material, the reassessment proceedings would be invalid. This Court has held that reassessment based on a reconsideration of material already available on record at the time of the original assessment proceedings tantamounts to a change of opinion and would be invalid. Since the relevant facts, which were already on record at the time of the original assessment proceedings, also form the basis for the initiation of the subject reassessment proceedings, it is amply clear that there was no fresh material that could have come to the notice of respondent no.1 to warrant reopening of assessment. Information received from DDIT (Inv.) regarding petitioner indulging in illegitimate activity of booking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es information in the case of one M/s. Divine Multimedia (India) Ltd., a Penny Stock Company from DDIT (Inv) Unit 7 (3), Mumbai through email dated 28th March 2019. On persual of the same, it is seen that the assessee has indulged in creating fictitious Long Term Capital Gain/Loss/Short Term Capital Gain on purchase and sale of penny stocks during the year and the company on which petitioner has illegitimate activity of booking of bogus profit/loss was M/s. Divine Multimedia (India) Ltd. The amount of profit is ₹ 1,53,56,887/-. 4. During the course of original assessment proceedings, the Assessing Officer had, by a letter dated 6th January 2014, called upon petitioner to furnish in the format prescribed therein details of investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. We would certainly agree with Mr. Suresh Kumar but as held in Crompton Greaves Ltd. (Supra), this is subject to the rider that there must be cogent and clear indication in the reasons supplied, that in fact there was failure on the part of the assessee to disclose fully and truly all the material facts necessary for its assessment. If the factum of failure to disclose can be culled down from the reasons in support of the notice seeking to reopen assessment, that will certainly not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. The Court held However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of the Act would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This principle has been upheld by the Hon ble Supreme Court and the jurisdictional High Court in various rulings. This Court has held that reassessment based on a reconsideration of material already available on record at the time of the original assessment proceedings tantamounts to a change of opinion and would be invalid. Further, since the relevant facts, which were already on record at the time of the original assessment proceedings, also form the basis for the initiation of the subject reassessment proceedings, it is amply clear that there was no fresh material that could have come to the notice of respondent no.1 to warrant reopening of assessment. Information received from DDIT (Inv.) regarding petitioner indulging in illegitimate ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
