The High Court held that merely because the income u/s 115JB is...

The High Court held that merely because the income u/s 115JB is more than the proposed addition regarding income escaping assessment as stated in the reasons recorded, once the entire assessment is reopened, the Assessing Officer can examine other aspects. Therefore, it cannot be said that the reopening exercise would be futile. The Assessing Officer, after considering information about share price fluctuations of Kushal Ltd. on Money Control, concluded that the assessee had indulged in generating non-genuine gains by trading in Kushal Script on BSE during the year under consideration. However, even if the proposed addition is made for income escaping assessment, there would not be any taxable income after the proposed addition, considering the income taxed u/s 115JB. Consequently, the High Court ruled that no fruitful purpose would be served by continuing the reassessment proceedings.