Court held that\u00a0 the initial notice issued under section\u00a0148A(b)\u00a0for reopening the assessment under section\u00a0147\u00a0was not bad in law. However, the order under section\u00a0147\u00a0read with section\u00a0144B\u00a0did not state how the benefit under section\u00a010(38)\u00a0could be denied to the assessee by simply concluding that it had traded in penny stock shares of Monotype India Ltd,\u00a0 particularly when the assessee had contended that he had purchased the shares of M as early as March 30, 2011 and had sold them during the financial year 2017-18 (the assessment year 2018-19). Therefore, the order under section\u00a0147\u00a0read with section\u00a0144B\u00a0was set aside and the matter was remitted back to the Assessing Officer to pass a fresh order on merits and in accordance with law. [Matter remanded.](AY.2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153C : Assessment-Income of any other person-Search-Long term capital gains-Penny stock shares-Matter remanded.[S. 10(38), 132, 147, 148A(b) 148A(d), 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-40994","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aFc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40994","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=40994"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40994\/revisions"}],"predecessor-version":[{"id":42691,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40994\/revisions\/42691"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=40994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=40994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=40994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}