{"id":30050,"date":"2022-10-03T17:50:15","date_gmt":"2022-10-03T12:20:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/shrikant-phulchand-bhakkad-huf-v-jcit-2022-446-itr-250-213-dtr-361-328-ctr-64-287-taxman-440-bom-hc\/"},"modified":"2022-10-03T17:50:15","modified_gmt":"2022-10-03T12:20:15","slug":"shrikant-phulchand-bhakkad-huf-v-jcit-2022-446-itr-250-213-dtr-361-328-ctr-64-287-taxman-440-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/shrikant-phulchand-bhakkad-huf-v-jcit-2022-446-itr-250-213-dtr-361-328-ctr-64-287-taxman-440-bom-hc\/","title":{"rendered":"Shrikant Phulchand Bhakkad (HUF) v. JCIT (2022) 446 ITR 250 \/ 213 DTR 361 \/ 328 CTR 64 \/ 287 Taxman 440 (Bom.)(HC)"},"content":{"rendered":"<p>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.\u00a0 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment-Bogus transaction-Information from investigation wing-Limited scrutiny-Futures and options-Loss was set off against normal business-Reassessment notice valid. [S. 43(5)(d), 133(6), 148, 151,  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":[21],"tags":[],"class_list":["post-30050","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7OG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30050","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=30050"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30050\/revisions"}],"predecessor-version":[{"id":30051,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30050\/revisions\/30051"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}