Allowing the petition the Court held that the Assessing Officer did not consider objections raised by assessee that shares which were sold were held for a period in excess of one year before sale entitling exemption under section 10(38), reassessment was stayed and directed the AO to pass speaking order considering all objections of the assessee. ( AY. 2011-12)
Swastik Safe Deposit and Investments Ltd. (2019)263 Taxman 303/ 176 DTR 423 (Bom.)(HC) Editorial : SLP of revenue is dismissed ACIT v. Swastik Safe Deposit and Investments Ltd. ( 2020) 270 Taxman 8 ( SC)
S. 147 : Reassessment–Shares held as investment- Capital asset –Capital gains-Not considered the objections raised by the Assessee- Proceedings stayed–Matter remanded to the AO to pass speaking order. [S. 10(38), 45, 143(1), 148, Art.226.]