Assessee-company filed its return of income and assessment was completed u\/s 143(3) of the Act.\u00a0 Assessing Officer issued a notice under section 147 after expiry of four years on basis of beneficiaries information received in case of a penny stock company that assessee was indulged in creating fictitious long-term capital gain on purchase and sale of penny stocks. The assessee filed writ petition challenging the notice issued u\/s 148 of the Act . Allowing the petition the Court held that during assessment proceedings assessee had made available details related to date of purchase and sale of alleged shares and capital gain\/loss made therein and Assessing Officer based on said material had conclusively taken a view Since reassessment was based on a reconsideration of material already available on record at time of original assessment proceedings, same would tantamount to a change of opinion and invalid .\u00a0 Accordingly the notice issued under section 148 and consequent reassessment order\u00a0 was quashed .\u00a0 Followed Crompton Greaves Ltd.\u00a0v.\u00a0Asstt. ( 2015)) 229 Taxman 545\/ 279 CTR 49( Bom)( HC )<\/p>\n
(AY. 2012 -13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment \u2013 After the expiry of four years \u2013 Capital gains \u2013 Penny stock \u2013 No failure to disclose material facts \u2013 Reassessment notice was quashed [ S. 45, 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-34126","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Sq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34126","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=34126"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34126\/revisions"}],"predecessor-version":[{"id":34127,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34126\/revisions\/34127"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}