https://www.taxtmi.com/caselaws?id=71931 The Tribunal upheld the validity of the reassessment under Section 147, confirming that the Assessing Officer had reason to believe income had escaped assessment, and the reassessment was initiated within the permissible period. The Tribunal determined that the loss on the sale of securities was speculative, as the assessee's principal business was not granting loans and advances. Consequently, the loss was treated as speculative under Explanation to Section 73. However, the Tribunal deleted the penalty under Section 271(1)(c), finding no concealment of income since the assessee had disclosed all material facts and the claim was bona fide. en-us Fri, 09 May 2008 00:00:00 +0530 Fri, 15 Dec 2023 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71931 The Tribunal upheld the validity of the reassessment under Section 147, confirming that the Assessing Officer had reason to believe income had escaped assessment, and the reassessment was initiated within the permissible period. The Tribunal determined that the loss on the sale of securities was speculative, as the assessee's principal business was not granting loans and advances. Consequently, the loss was treated as speculative under Explanation to Section 73. However, the Tribunal deleted the penalty under Section 271(1)(c), finding no concealment of income since the assessee had disclosed all material facts and the claim was bona fide. Case-Laws Income Tax Fri, 09 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71931