https://www.taxtmi.com/caselaws?id=269001 The court dismissed the appeals, holding the reassessment proceedings under Section 147/148 of the Income Tax Act invalid due to the Assessing Officer's failure to record the necessary jurisdictional requirement. Consequently, the genuineness of the loss in respect of shares held as stock-in-trade was upheld, and the penalty under Section 271(1)(c) was deleted as the basis for imposing the penalty ceased to exist without a valid reassessment. The court ruled in favor of the assessee, dismissing the appeals with no order as to costs. en-us Thu, 03 Dec 2015 00:00:00 +0530 Fri, 24 Jun 2016 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269001 The court dismissed the appeals, holding the reassessment proceedings under Section 147/148 of the Income Tax Act invalid due to the Assessing Officer's failure to record the necessary jurisdictional requirement. Consequently, the genuineness of the loss in respect of shares held as stock-in-trade was upheld, and the penalty under Section 271(1)(c) was deleted as the basis for imposing the penalty ceased to exist without a valid reassessment. The court ruled in favor of the assessee, dismissing the appeals with no order as to costs. Case-Laws Income Tax Thu, 03 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269001