2024 (1) TMI 1490

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2015 issued under Section 148 of the Income Tax Act ("the Act") seeking to reopen the assessment for the assessment year 2010-11. The order dated 17th December 2015 of the Respondent disposing of the objections to the reasons recorded in support of the impugned notice inter alia records that information received from sources has to be verified to check its genuineness. 3. Thus, prima-facie, it appears that reopening notice has been issued not on the basis of reason to believe but on reason to suspect only for the purpose of making investigation and enquiry to ascertain whether any income has escaped assessment. This is prima facie not permissible. 4. In the above view, there shall be interim relief in terms of prayer clau....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rading Limited v. Union of India and Another 64 taxmann.com 92 (2015) (Bom)., it is held that "If more details are sought or some verification is proposed, that cannot be a substitute for the reasons which led AO to believe that an income chargeable to tax has escaped assessment. The principal condition for issuance of notice is to be found in Section 147 of the Act and that is on the reason to believe that, any income chargeable to tax has escaped assessment for any assessment year, then, the AO may, subject to the provisions of Sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment." In the case at hand, the AO does not say that any income chargeable t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e I.T. Act." 5. In the circumstances, the Petition is allowed in terms of prayer clause (a), which reads as under: "(a) That the Hon'ble Court may be pleased to issue a writ of certiorari or a writ in the nature of certiorari or any appropriate writ, order or direction after calling for the records and proceedings of the Respondent and quash and set aside the notice under Section 148 dated 31.03.2015 to the petition." 6. Petition disposed. ============= Document 1 1 EXHIBIT - D GO ASST. COMMISSIONER OF INCOME 204, 2nd Floor, Aayakar Bhavan, M.K. Road, Mumbai 400020. Tel. 022-22120162 Date: 14.09.2015 Office of the , CIRCLE- 11(1)(? No.ACIT-11(1)-2/Reasons-Sec.148/Saurashtra-10-11/2015-16 The Principal ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ived commission at the rate varying from 0.5% upto 2% on the amount of losses / profits for transferring such losses/profits to their client Based on the statement of brokers, enquires were also conducted in the case of M/s Saurashtra Finstock Pvt. Ltd. W with the client code modification data and the en confronted with the client code statement of brokers, date wise modified volume is identified as under :- Morket segment Date Number of trade modified Qty shares modified of trade modified Profit/loss because of client code modification F&0 4/09/2009 4200 13483088 F&0 F&O 4/13/2009 4/13/2003 G 13200 4937873 F&O 4/22/2009 900 2999573 F&O 4/23/2009 2 3400 1049920 FRO 4/24/2009 4/24/2009 20 8000 8000 2750018 2750013....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... F&0 12/14/2009 00 2000 10266818 F&0 12/23/2009 4 2000 153260 F&0 12/29/2009 20 39088 15654298 F&O 1/8/2010 8 2000 10517195 F&O 1/12/2010 9 2000 10509390 F&0 1/18/2010 4 1000 5276775 F&0 /19/2010 10 40000 9019000 F&O 1/20/2010 19 77148 14343753 F&O 1/21/2010 8 45000 3724650 F&0 1/22/2010 13 30080 10506642 F&0 1/28/2010 19 5000 24397525 F&O 1/29/2010 15 1048 13919550 F&0 2/4/2010 46 10000 48696240 F&O 2/10/2010 9 12224 6343478 F&0 2/15/2010 8480 4096773 F&O 2/18/2010 6 4140 2999430 F&O 2/25/2010 6 10800 2767950 F&O 2/26/2010 45 81200 17040988 F&0 3/4/2010 3 23600 1737550 F&O 3/8/2010 32 10425 17034432 F&O 3/12/2010 9 24000 2282760 F&0 3/15/2010 5 47200 3164760 F&0 3/16/2010 ....