2007 (9) TMI 258

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..... ee on ground that dealing in shares is not main business of assessee - Complete details of the sale and purchase of shares and the comparative figures of the earlier years had been given by the assessee to AO - reopening of the completed assessment is only as a result of change of opinion of the Assessing Officer - notice was clearly barred by limitation
MADAN B. LOKUR and DR. S. MURALIDHAR JJ. .....

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..... h 31, 1999, at an income of Rs. 5,08,381. On examination of the assessment order, it has been found that the assessee has set off the loss from the transaction of shares to the tune of Rs. 15,73,020 from the business income. At no stage, the assessee has stated that dealing in shares is his main business. Hence, loss in share dealing should have been treated as speculative loss which cannot be set .....

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..... ction 148 of the Act for reopening the assessment. Since the notice was issued after the expiry of the period of four years from the end of the relevant assessment year, it was unsustainable in law. The contention of the assessee was upheld both by the Commissioner of Income-tax (Appeals) as well as by the Tribunal. 4. Apart from the fact that there are concurrent findings of fact given by the au .....

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