2022 (4) TMI 1234

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....spondent. 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 Assessment Year 2013-2014 has escaped assessment as....

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....s, 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 Section 147 of the Act shall apply. Therefore, there is....

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....ce 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 Limited as one of the Company in which he had traded. Furt....

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....ery 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 affidavit in reply it is admitted that the A.O. had accepted p....