Assessment was sought to be reopened on ground that information was received from office of DDIT (Inv) that company JRI Industries\u00a0 was involved in providing accommodation entries in form of bogus long term capital gains\/short term capital losses in penny stock scrips to beneficiaries by manipulating stock market and assessee was one of persons\/beneficiaries who had traded in scrip of JRI Industries and entire consideration from sale of shares of said scrip remained unexplained. \u00a0The objection for recorded reason was dismissed.\u00a0 On writ allowing the petition the Court held that\u00a0 in assessment proceedings, assessee had furnished particulars of transaction in JRI Industries and same was treated by Assessing Officer as bona fide transactions.\u00a0 Even if Assessing Officer had no means to know that transactions in scrip of JRI Industries were not bona fide and even if it was assumed that Assessing Officer had committed a mistake, still, assessment could not have been reopened to remedy error. Reassessment proceedings was quashed and set aside. \u00a0\u00a0Referred Gemini leather Stores v. ITO (1975) 100 ITR 1 (SC) (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Information from DDIT (Inv)-Accommodation entries-Bogus capital gains and losses-Penny stock scrips-Original assessment proceedings transaction was treated as bonafide-Even if it was assumed that Assessing Officer had committed a mistake, still, assessment could not have been reopened to remedy error-Reassessment notice and order disposing the objection was quashed. [S. 45, 69, 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":[21],"tags":[],"class_list":["post-31735","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8fR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31735","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=31735"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31735\/revisions"}],"predecessor-version":[{"id":31736,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31735\/revisions\/31736"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}