Income from commodity transactions disclosed; reopening of assessment invalid. Lack of factual basis & non-application of mind by Revenue.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Reopening of assessment held invalid due to lack of factual basis and non-application of mind by Revenue. Assessee had already disclosed relevant income from commodity transactions in return and supporting documents. Notice u/s 148 and order rejecting objections quashed, being legally unsustainable.....