2022 (4) TMI 1234

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..... Akhileshwar Sharma, Advocate for respondent. P.C.: 1. Affidavit-in-reply tendered by Mr. Sharma is taken on record. 2. Petitioner is impugning notice dated 31.3.2021 issued u/s 148 of the Income Tax Act, 1961 (hereinafter to be referred to as the 'said Act') by which respondent no.1 has alleged that there are reasons to believe that petitioner's income chargeable to tax for the Assessme....

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....es who had traded in the scrip of JRI Industries, entire consideration of Rs. 3,08,62,878/- from sale of shares of the said scrip remained unexplained. Therefore, said amount had escaped assessment. 5. Here is the case where reopening is proposed after expiry of 4 years from the end of relevant assessment year and since assessment u/s 143(3) of the said Act has been completed, proviso to Sectio....

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....rovided all details. Further query was raised by notice dated 25.01.2016 u/s 142(1) of the said Act, on the same point which is the subject matter of the reasons recorded, i.e., long term capital gains and short term capital gain. Petitioner responded by its letter dated 8.2.2016 and provided all details. In the details, petitioner has also disclosed name of JRI Industries and Infrastructure Limit....

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....ssed in the assessment order. It is settled law that once a query is raised, during assessment proceeding and assessee has replied to it, it follows that the query raised was subject of consideration of the A.O. while completing the assessment and it is not necessary that assessment order should contain reference and/or discussion to disclose its satisfaction in respect of query raised. Still, in ....