2022 (3) TMI 178

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....me Tax<br>HON'BLE MR. JUSTICE MOHAMMAD RAFIQ, CHIEF JUSTICE And HON'BLE MS. JUSTICE JYOTSNA REWAL DUA FOR THE PETITIONER : MR. AMAR PRATAP SINGH AND MR. ANKIT AWAL, ADVOCATES FOR THE RESPONDENTS : MR. BALRAM SHARMA, ASSISTANT SOLICITOR GENERAL OF INDIA ORDER This petition coming on for admission this day, Hon'ble Ms. Justice Jyotsna Rewal Dua, passed the following : Petitioner's case is th....

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....40,13,89,726/- to the total income of the petitioner primarily on the ground that the investments held by the petitioner are to be treated as stock-in-trade and not as capital assets and that the petitioner should have computed the income tax liability under the head 'profits and gains from business or profession' and not under the head 'capital gains'. Learned counsel further submitted that aggri....

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....s filed its reply on 28.04.2021 inter alia stating therein that the Income Tax Officer/respondent No.2 does not have the jurisdiction to initiate the re-assessment proceedings against the petitioner in light of 3rd proviso to Section 147. This fact has not been denied by learned Senior Counsel for the respondents-department. In light of the submissions made by learned counsel for the parties, we d....