S. 147 : Reassessment-Capital gains-Penny stock alternative remedy-Reassessment notice was held to be valid. [S. 45, 142(1), 148, Art. 226]

Reassessment notice was issued for verifying the exemption claimed in respect of penny stock on the basis of information received. The objection of the assessee was rejected by the Assessing Officer. On writ dismissing the petition the Court held that the assessee has not offered the short term capital gains hence the reassessment notice was held to be valid. (WP No. 2817 of 2019 dt. 03-1-2022, AY. 2012-13)

[CORAM : JUSTICE SHRI K.R. SHRIRAM & : JUSTICE SHRI R. N. LADDHA]