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TMI Blog2023 (2) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... ded during the course of the proceedings. If that be so, we find it difficult to accept the argument that the petitioner had failed to disclose all material facts fully and truly. Petitioner took pains to explain to us each and every transaction which otherwise forms a part of the reasons recorded, with the transaction statements placed on record as also the reconciliation statement prepared by the petitioner in the present case - AO upon receipt of the information regarding the transactions made by the petitioner, proceeded to presume that the same were not disclosed by the petitioner during the course of the earlier proceedings under section 143(3) of the Act, which presumption in our opinion was not only erroneous but contrary to the record. There was no basis to hold that there was any failure on the part of the assessee to disclose any material facts fully and truly during the regular assessment proceedings and further that reassessment proceedings are nothing but a change of opinion. In our opinion, the impugned notice also the order of reassessment are without jurisdiction, and are, therefore, quashed and set aside. - Decided in favour of assessee. - WRIT PETITION NO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed with the audited accounts. The petitioner was also required to submit a copy of all the demat accounts of the assessee-company for the financial year 2012-13. All these documents were then furnished to the Assessing Officer. The petitioner then proceeded to file partial details called for by the respondents. 4. In between, the petitioner states that it was handed over a copy of the Annual Information Report ( AIR ), dated 22nd January 2016 which contained the details of the transactions made by the petitioner with respect to the purchase and sale of shares/ derivatives for the assessment year under consideration as available on the records of the Income Tax Department. The petitioner was directed to reconcile all the entries as per the petitioner s books and to provide documentary evidence for the same. 5. The petitioner further submitted the requisite documents vide communication dated 28th January 2016, furnished all the requisite documents to the Assessing Officer, including a copy of Form 10DB and the scrip-wise details of opening stock purchase of shares, sale of shares and closing stock. The petitioner also claims that it submitted a statement reconciling the transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D256 4 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange 59181932.88 D256 5 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange 35725400.77 D3627 6 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange 24147410.70 WW2722 7 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange 10742658.85 D256 8 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange. 6656.00 WW2722 9 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange 47740486.7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly been furnished during the scrutiny assessment proceedings but were also gone into by the Assessing Officer, who only after having satisfied itself thoroughly, had passed the order of assessment under section 143(3) of the Act. 11. Per contra, counsel for the respondents Mr.Sharma, with reference to the reply affidavit, urged that the sale of shares and the Profits derived from trading in derivatives, had not been disclosed by the assessee, and therefore, it was urged that the Assessing Officer was justified in initiating the reassessment proceedings. It was, therefore, urged that once it was established that the relevant transactions, as identified in the reasons recorded, were not disclosed by the petitioner during the course of the earlier assessment proceedings, the argument that the order of reassessment was nothing but a change of opinion would be untenable. 12. We have heard learned counsel for the parties, at length. 13. With a view to exercise jurisdiction in terms of section 147 of the Act, in a case, where reassessment proceedings were sought to be initiated beyond the period of four years, besides the requirement of having reason to believe that income charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the revenue that the Assessing Officer had not sought for the copies of all the demat account of the assessee for the relevant financial year 2012-13, or that even when it was called, it was not furnished by the assessee. Neither is it the case of the revenue that the reconciliation statement sought by the Assessing Officer and other details contained in various notices issued by the Assessing Officer were not provided during the course of the proceedings. If that be so, we find it difficult to accept the argument that the petitioner had failed to disclose all material facts fully and truly. 16. Counsel for the petitioner Mr. Nishant Thakar took pains to explain to us each and every transaction which otherwise forms a part of the reasons recorded, with the transaction statements placed on record as also the reconciliation statement prepared by the petitioner in the present case. In fact, it appears to us that the Assessing Officer, upon receipt of the information regarding the transactions made by the petitioner, proceeded to presume that the same were not disclosed by the petitioner during the course of the earlier proceedings under section 143(3) of the Act, which presumpti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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