HIGH COURT OF GUJARAT
Nishant Vilaskumar Parekh v. Income-tax Officer, Ward 1(3)
J.B. PARDIWALA AND ILESH J. VORA, JJ.
SPECIAL CIVIL APPLICATION NO. 21929 of 2019
MARCH 15, 2021.
Section 10(38), read with section 147, of the Income-Tax Act, 1961 - Capital gains - Income arising from transfer of long-term securities (Reassessment) - Assessment year 2012-13 - Assessee company sold 40,000 shares of a company held by it and earned long-term capital gain (LTCG) of certain amount and claimed same as exempt income under section 10(38) - Same was allowed and an assessment order was passed - An information was received from AIMS module that shares sold by assessee were of penny stock - On basis of same, Assessing Officer issued a reopening notice against assessee - It was noted that said information was specific with regard to transactions of penny stock entered into by assessee - On basis of information received, Assessing Officer had made independent inquiry and applied his mind to such information and upon due satisfaction and materials gathered during inquiries, finally formed a belief that income had escaped assessment - Whether, on facts, impugned reopening notice issued against assessee after four years was justified - Held, yes
[Paras 16, 17, 21 and 23]
[In favour of revenue]
TUNI TEXTILE Ltd
