Allowing the petition the Court held that there was no failure on the part of the assessee to disclose fully and truly the fact that short-term capital gains had been set off against the losses claimed under section 10AA. It was expressly mentioned that the assessee had added short-term capital gains and in his order, the Assessing Officer had allowed the set off of the short-term capital gains. The notice under section 148 was issued without jurisdiction. The notice and the order rejecting the objections were set aside. (AY. 2012-13)
First Source Solutions Ltd. v. ACIT (2021) 438 ITR 139 / 206 DTR 441 / 323 CTR 18(Bom.)(HC)
S. 147 : Reassessment-After the expiry of four years-Set-Off of short-term capital gains against business income-No failure to disclose material facts-Disclosure was mentioned in the assessment order-Reassessment notice was quashed. [S. 10A, 10AA, 143(3), 148, Art. 226]