2018 (12) TMI 1975

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....3) for the PETITIONER(s) No. 1 ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. Mr. Hardik Vora, learned advocate for the petitioner submitted that in this case, the assessment for assessment year 2012-13 is sought to be reopened by the impugned notice dated 19.03.2018 issued under section 148 of the Income Tax Act, 1961, which is clearly beyond a period of four years from the en....

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....ies and claimed exemption under section 10(38) of the Act and in support thereof, the petitioner had attached ledger accounts of the broker from their books, contra ledger account as provided by such broker, copy of demat account statement, copies of contract notes of securities sold, copies of contract notes of securities purchased. It was submitted that after analysing all the material produced ....

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....ption of jurisdiction on the part of the Assessing Officer is invalid. 4. It was further pointed out that in the reasons recorded, the Assessing Officer has stated that the assessee had sold "Alpha Graphics" Scrip for Rs.71,87,000/- in terms of the return of income filed by it, whereas in fact the petitioner in the statement of exempt, long term capital gain has shown the sale price at Rs.71,72....