On writ the Court held that\u00a0 reassessment\u00a0 notice in respect of\u00a0 long term capital gains\u00a0 on penny stocks is held to be valid. As regards\u00a0 the validity of sanction\u00a0 of specified authority\u00a0 was not raised earlier hence oral plea is not entertained. As regards the\u00a0 reasons and satisfaction note\u00a0 which was\u00a0 not furnished to the assessee, the Assessing Officer is directed to dispose the objection by passing\u00a0 a speaking order. (AY. 2011-12, 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Long term capital gains-Penny stocks-Reassessment notice is valid-Sanction of specified authority-Not raised earlier-Plea is not entertained-Reasons and satisfaction note is not furnished to the assessee-Directed to dispose the objection by passing a speaking order. [S. 10(38), 45, 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-52886","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dL0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52886","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=52886"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52886\/revisions"}],"predecessor-version":[{"id":52887,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52886\/revisions\/52887"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}