| Question And Answer | |
|---|---|
| Subject: | Issue of bogus long term capital gain |
| Category: | Income-Tax |
| Querist: | Suresh Goyal |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Limitation, Reassessment |
| Date: | January 31, 2023 |
Dear Sir,
Please give your opinion on the following:
By virtue of decision of SC dated 04.05.2022 in the case of Union of India vs. Ashish Aggarwal. Assessee received notice u/s 148A(b) dated 24.05.2022 relating to A.Y. 2013-14. The assessee reply in July 2022 mentioning that assessee did not do any transaction in the shares mentioned in the notice. The name of broker in the notice is also wrong. Assessee submitted affidavit also and asks to give details of payment made by the broker and to prove that particular shares were sold by the assessee. Assessing Officer did not give any reply and repeated the same details and passed order u/s 148A(d) and mentioned that it is a fit case for issue of notice u/s 148.
Now, the assessing officer has issued questionnaire in the month of January 2023 again mentioning the same detail which were mentioned earlier but the same are wrong as the assessee never dealt in such shares and neither he dealt with the broker mentioned by the AO. The assessee again filed reply on 25.01.2023 mentioning that please provide the details of payment made, date of payment, number of shares sold by the assessee, etc. but not getting any response. Now, the question arises whether the assessee should submit the current details of Long Term Capital Gain taken by him or not.
Please guide.
As we understand, the assessee has not preferred a writ petition against reassessment proceedings for AY 2013-14 on the ground that the same is time-barred. The assessee has chosen to participate in the reassessment proceedings. Therefore, the assessee should respond to the questionnaires issued by the Department. If the notices for AY 2013-14 are held to be time-barred by the jurisdictional high court the same will be applicable to the assessee.