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TMI Blog2022 (1) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... ain that reopening of the assessment is not permitted for fishing or roving inquiry or for verification purpose, still the fact that petitioner has filed returns in response to the notice under Section 148 of the Act and disclosing therein that short term capital gains earned in F. Y.- 2011-2012 was not offered to tax, would itself entitle the Assessing Officer to issue notice under Section 142(1) of the Act calling for further details. If we interfere, the Revenue may suffer. In the circumstances, we do not wish to exercise our jurisdiction under Article 226 of the Constitution of India. Petitioner may adopt the alternate remedy that is available under the provisions of the Act. - WRIT PETITION NO.2817 OF 2019 - - - Dated:- 3-1-2022 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer, assessee ought to have offered the income on the above said transactions for taxation and further as there is no information available on Income Tax Department (ITD system) regarding the penny stock, the same needs verification. Petitioner filed objection to the reasons which was rejected by an order dated 27th August 2019, which is also impugned in this petition. 3. Mr. Jain attacked the reasons on two points namely; a) the reasons should have stated the assessee ought to have offered income on the above said transactions for taxation and not ought to have not offered the income and, therefore, there is non application of mind by the Assessing Officer as well as the sanctioning authority and b) no assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in on a scrip named Vikas Wsp Ltd. or that petitioner inadvertently skipped capital gain in its original return of income is nothing but an after thought. Mr. Walve also relied upon explanation 3 to Section 147 as it then was in force to submit that for the purpose of assessment or reassessment under Section 147, the Assessing Officer may assess or reassess the income in respect of any issue which has escaped the assessment and such issue comes to his notice subsequently in the course of the proceedings under this Section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-Section (2) of Section 148 of the Act. 5. We have considered the submissions made by the counsel and also the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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