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TMI Blog2022 (4) TMI 245X X X X Extracts X X X X X X X X Extracts X X X X ..... tion - assessee was found to be the beneficiary of fictitious losses in equity/derivative trading - HELD THAT:- In the communication the reasons for reopening of the assessment against the petitioner in respect of the assessment year 2015-2016 provides that the information had been received through the insight portal of the department regarding fictitious losses in equity and derivative trading a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed before the next returnable date.Till the returnable date further proceeding under Section 148 initiated against the petitioner by the communication dated 31.03.2021 be not carried further. - WP(C) 2020/2022 - - - Dated:- 23-3-2022 - HONOURABLE MR. JUSTICE ACHINTYA MALLA BUJOR BARUA For the Petitioner : DR. A SARAF For the Respondent : ASSTT.S.G.I ORDER Heard Dr. A Saraf, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year had specifically provided the information that the petitioner had suffered forex currency losses amounting to ₹ 38,64,798/. During the assessment proceeding the assessee was required to provide the detailed information regarding the said transaction and by their communication available at page-68, the necessary information was provided. Accordingly, the proceeding under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re also appears a discrepancy between the reasons of the reopening and the conclusion in the order disposing of the objection dated 16.03.2022 that the assessee had not provided complete details of the losses from derivative which the assessee had incurred from forex trading. 6. The respondents to file their affidavit as to why the reassessment proceeding had been initiated under Section 148 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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