TaxTMI 
TaxTMI 
2023 (1) TMI 418
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....essee, based on which the reassessment proceedings under Section 147/148 of the Income Tax Act, 1961 [in short "Act"] [prior to amendment] were triggered, is that, he had taken illegal benefit of the Client Code Modification (CCM) facilities offered by his broker to register losses in respect of share transactions undertaken by him. 3. The record shows, and qua which there is no dispute, that the respondent/assessee, according to the appellant/revenue, had entered into transactions with the help of a share broking entity, namely, Amarpali Adya Trading and Investment Pvt. Ltd. [hereafter referred to as "AATIPL"]. 4. According to the appellant/revenue, the trading carried out by the respondent/assessee in the aforementioned AY had resulted ....
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....ord shows, that despite an order being framed under Section 143(3) of the Act on 24.12.2011, albeit after scrutiny, in the reasons to believe furnished by the appellant/revenue [based on which proceedings under Section 147/148 of the Act were triggered], there is no reference to this fact i.e., that assessment under Section 143(3) was framed on 24.12.2011 qua the respondent/assessee. 9.1 What makes matters worse, is that, when a fresh assessment order/ reassessment was framed i.e., on 13.12.2016 pursuant to the reopening of the earlier assessment, the AO did not advert to this aspect. In other words, there is, admittedly, no reference in the order dated 13.12.2016, to the fact that Section 143(3) assessment order had been framed on 24.12.2....
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....eassessment in the given circumstances was available only if the respondent-assessee had not disclosed, fully and truly, all material facts. 15. Mr Krishnan has drawn our attention to that part of the record, in particular, the order of the Tribunal, wherein the Tribunal has noted, that during the course of initial assessment/scrutiny, information was sought with regard to the respondent's/assessee's share broker, which was furnished by the respondent/assessee along with communication dated 07.12.2011. 16. It is Mr Krishnan's contention, that the Client Ledger was placed before the assessing officer, whereupon the assessment order under Section 143(3) of the Act was framed on 24.12.2011. 16.1 Furthermore, Mr Krishnan says, something we h....