CASE: Gateway Leasing Pvt. Ltd vs. ACIT
COURT: Bombay High Court
CORAM: Milind D. Jadhav J, Ujjal Bhuyan J
SECTION(S): 10(38), 147, 148, 45
GENRE: Domestic Tax
COUNSEL: Jas Sanghvi, Madhur Agrawal, Suresh Kumar
DATE: March 11, 2020 (Date of pronouncement)
DATE: July 13, 2020 (Date of publication)
AY: 2012-13
CITATION:
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Section 147- Reopening for bogus capital gains from penny stocks: The Dept’s argument that though the assessee disclosed details of the transactions pertaining to purchase and sale of shares, it did not disclose the real colour / true character of the transactions and, therefore, did not make a full and true disclosure of all material facts which was also overlooked by the AO, is not correct. The assessee disclosed the primary facts to the AO & also explained the queries put by the AO. It cannot be said that the assessee did not disclose fully and truly all material facts necessary for the assessment.
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