2025 (11) TMI 1775

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....espondent: None.   PC: - 1. Heard M. Chandrashekhar for the Appellant. 2. The tax effect in this Appeal is less than Rs. 2 crores, i.e. Rs. 52,85,712/-. However, Mr Chandrashekhar submits that this Appeal falls within the exceptions carved out in the CBDT Circular. 3. Without going into the issue of whether this Appeal falls within the exceptions carved out in the CBDT Circular, w....

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.... the scrip to claim LTCG." 6. Admittedly, this is a case of reassessment. Therefore, if we were to agree with the Tribunal that this was not a fit case for reopening of the assessment, then there would be no occasion to consider the other questions formulated in paragraph 5 of the Appeal memo. Unless this jurisdictional threshold is crossed, no occasion would arise to consider the matter on the....

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.... 10. Thirdly, the Tribunal has recorded that this was a case in which the assessment was sought to be reopened solely on suspicion. This aspect has been discussed in some detail in paragraphs 8.3 to 8.8 of the Tribunal's impugned Judgment and Order. The Tribunal has also relied on decisions of this Court holding that the assessment cannot be reopened merely on suspicion. This Court has held that ....