| COURT: | Gujarat High Court |
| CORAM: | Akil Kureshi J, Umesh Trivedi J |
| SECTION(S): | 143(1), 147, 148 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | bogus capital gains, Penny Stocks, Reopening of assessment |
| COUNSEL: | Shakeel A Qureshi |
| DATE: | (Date of pronouncement) |
| DATE: | December 20, 2018 (Date of publication) |
| AY: | |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 147 Reopening of s. 143(1) assessment: Law on whether reopening to assess alleged Bogus Capital gains from penny stocks is permissible explained in the context of Rajesh Jhaveri 291 ITR 500 (SC) & Zuari Estate 373 ITR 661 (SC) | |
In the present case the Assessing Officer has heard the material on record which would prima facie suggest that the assessee had sold number of shares of a company which was found to be indulging in providing bogus claim of long term and short term capital gain. The company was prima facie found to be a shell company. The assessee had claimed exempt of long term capital gain of Rs.1.33 crores by way of sale of share of such company
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