On writ the Court held that reassessment notice in respect of long term capital gains on penny stocks is held to be valid. As regards the validity of sanction of specified authority was not raised earlier hence oral plea is not entertained. As regards the reasons and satisfaction note which was not furnished to the assessee, the Assessing Officer is directed to dispose the objection by passing a speaking order. (AY. 2011-12, 2013-14)
Girish Kumar Agarwalla v. ACIT (2024) 470 ITR 252 (Gauhati) (HC)
S. 147 : Reassessment-Long term capital gains-Penny stocks-Reassessment notice is valid-Sanction of specified authority-Not raised earlier-Plea is not entertained-Reasons and satisfaction note is not furnished to the assessee-Directed to dispose the objection by passing a speaking order. [S. 10(38), 45, 148, 151, Art. 226]