Held that the issue under consideration had not been examined by the Assessing Officer while passing the assessment order. The transactions entered into by the assessee were non-genuine and were carried out with a view to avoid paying tax. The assessee had set off the loss incurred from futures and options trading against profits booked from normal business activity. This was a text book case of tax avoidance. The notice of reassessment was valid. (AY.  2016-17)