Assessee is an individual was engaged in trading in commodity exchange. The assessee has suffered heavy loss on accounting transactions in national and multinational exchange. He has not filed the return.\u00a0 On the basis of an information that as per NMS data and ITS details, assessee had made transactions of huge amount in National \/multi commodity exchange, but assessee had not filed his return of income during year. Accordingly the notice of reopening was issued. Assessee raised objection that he had earned no income out of trading in commodity exchange and he had actually suffered a loss during year and, therefore, he had not filed return of income .AO rejected the objection and proceeded ahead. On writ the Court held that, the assessee did communicate to Assessing Officer that he had no taxable income and, therefore, there was no requirement to file return however the AO did not carry out any further inquiry before issuing impugned reopening notice.\u00a0 Accordingly the notice was set aside. (AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment -Failure to file return- Huge loss \u2013 National and multi commodity exchange \u2013 Objections stating that no income was earned and suffered heavy loss not considered \u2013 Reassessment is held to be bad in law.[S.139, 148 Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11602","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-318","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11602"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11602\/revisions"}],"predecessor-version":[{"id":11629,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11602\/revisions\/11629"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}