TaxTMI 
TaxTMI 
2025 (12) TMI 267
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....in law in confirming the reopening of the case u/s 147/148 without appreciating the facts which is not only bad in law but also against the facts and circumstances of the case. 2. That Learned CIT(A) had confirmed the reopening without adjudicating the issue hence the order passed not only bad in law but also against the facts and circumstances of the case. 3. The learned CIT(A) erred in fact and in law in not allowing the setting off of short term capital gains with the b/f assessed short term capital loss of Rs. 3,44,91,848/- pertaining to A.Y. 2008-09." 2. Brief facts of the case are, the original return of income was filed by the assessee on 30.09.2013 for AY 2013-14 declaring total income of Rs. 43,04,500/-. The re....
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....ened u/s 147/148 of the Act after recording the reason/satisfaction note for the AY 2013-14. Accordingly notice u/s 148 was issued and served on the assessee after obtaining the prior approval. Accordingly, he completed the assessment by making the abovesaid addition. 3. At the time of hearing, ld. AR of the assessee raised legal issue before us. Therefore, we are restricting ourselves to address the legal issue herein above. 4. At the time of hearing, ld. AR of the assessee submitted as under :- "2. It is humbly submitted that in terms of section 147 of the Act (as applicable for the relevant AY under consideration), the AO could initiate reassessment proceedings for the concerned AY, only if he had "reasons to believe" that....
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....sment, which was duly responded / replied to by the Assessee, failure of the AO to not discuss the same in the assessment order would not validate assumption of jurisdiction under section 147/148 of the Act being hit by the judicial bar of "change of opinion". Reliance in this regard is placed on the Full Bench decision of the jurisdictional High Court in the case of CIT v. Usha International Ltd., [2012] 348 ITR 485 (Delhi HC) and the cases of Maruti Suzuki India Ltd. v. DCIT, [2025] 477 ITR 725 (Delhi HC); S.B. Packagings Ltd. v. ACIT, [2025] 482 ITR 456 (Delhi HC). 5. Admittedly, in the present case, the AO vide notice dated 12/06/2015 issued under section 142(1) of the Act, specifically raised a query in relation to b/f losses,....
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....tion of plea that the income chargeable to tax had escaped for the relevant assessment year. We observe that the relevant issue under consideration was already verified by the then AO and the same was communicated to the AO vide email dated 25.11.2019 as under :- "The assessment was completed u/s 143(3) and during the course of hearing this objection of setting off of b/ f loses pertaining to A. Y. 2007-08, which was assessed as speculative loss, was raised which was duly accepted by us and it was duly informed to him vide our letter dated 15.10.2015 wherein it was informed that inadvertently, this was claimed but we had assessed short term loss of Rs. 3,44,91,848/- pertaining to A. Y. 2008-09 is available hence, this short term ga....