2013 (2) TMI 290

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....the Respondent. ORDER 1. This appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 ('the Act') challenges the order dated 26th March 2012 of the Income Tax Appellate Tribunal ('Tribunal' for short) relating to assessment year 2003-2004. 2. The appellant has raised the following questions of law for consideration of this Court. "(a)  Whether on the facts and c....

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....ss income is not assessable as per the Act, the loss arising from the same cannot be set off with Income from other sources ?" 3. The respondent-assessee is a foreign company having residential status of non-resident. The respondent-assessee had approached the Authority for Advance Ruling. On 30th April 2001, the Authority for Advance Ruling held that profits arising to the respondent-assessee ....

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....he Authority for Advance Ruling in the case of Fidelity Northstar Fund. In view of the subsequent ruling, the notice for re-opening states that the earnings on purchase and sale of shares would be taxable not under the head "profits and gains of business or profession" but taxable under the head "capital gains". Thus, resulting in escapement of income to tax. 6. Consequent to the above, the ass....

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....sons recorded for re-opening the assessment does not allege that there has been any failure on the part of the respondent-assessee to disclose fully and truly all material facts necessary for the purpose of assessment. Therefore, on the above basis itself, the notice is not sustainable. Further, even on merits we find that this Court in Writ Petition No.866 of 2010 filed by the assessee, held by o....