The High Court allowed the assessee\u2019s writ petition against the notice issued under section\u00a0148\u00a0of the\u00a0Income-tax Act, 1961\u00a0and the order rejecting its objections to the notice, and quashed the notice and the order, holding that the reasons recorded for the notice did not indicate any failure on the part of the assessee, that the entire basis for reopening was a change of opinion of the Assessing Officer, that all the facts regarding the loss on cancellation of forward contracts, which the Assessing Officer should have disallowed as speculation loss, were available before the Assessing Officer, that nothing new had happened between the date of order of assessment and the date of formation of opinion by the Assessing Officer, and that when the primary facts necessary for assessment were fully and truly disclosed, the Assessing Officer was not entitled on a change of opinion to commence proceedings for reassessment.\u00a0 SLP of revenue\u00a0 was dismissed. \u00a0(AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment \u2013With in four years-Speculative transactions-loss of cancellation of forward contract-Change of opinion-No new material -SLP of Revenue dismissed. [S. 43(5), 148, Art. 136, 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-37452","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9K4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37452","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=37452"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37452\/revisions"}],"predecessor-version":[{"id":38170,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37452\/revisions\/38170"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}