2008 (12) TMI 765

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.... P. Sawhney, Saurav Khurana For the Respondent : Sanjeev Kaushik ORDER 1. This petition was filed for quashing of notice for reassessment dated 5.2.2008, Annexure P-5, under Section 148 of the Income Tax Act, 1961 (for short, "the Act"). 2. After notice was issued, assessment order dated 13.10.2008, Annexure P-10 has been passed, on account of which the petitioner has filed application....

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....uture and option bill is of speculative nature and as per sub-section (5) of Section 43 of the Income Tax Act, 1961 loss from speculative profit can be set off only against speculation profit and not against another income. Thus income to the tune of Rs. 22,45,008/- is escaped assessment. From the details of interest filed by the assessee with the return of income, it is seen that the ass....

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....ssee failed to declare fully and truly its income for the Assessment Year 2002-03, in terms of section 147 of the Income Tax Act, 1961." 5. Learned counsel for the petitioner submitted that under proviso to Section 147 of the Act, which applies if reassessment is proposed after four years, only ground for reassessment can be failure of the assessee to file return or to make true and full disclo....