reasons to believe that the aggregate
fair market value of the said shares to the extent, it
exceeds the consideration requires to be taxed ... petitioner that invocation of Section
148 of the IT Act, 1961 for the purpose of re-assessment for the share
allotted escaped income was clearly
these shares, despite which, the re-assessment proceedings revealed that
the Petitioner had used a reversal trading mechanism to generate gains in
the shares ... invocation of extended period of
limitation.
15. In the Counter Affidavit, it has been stated that the Petitioner had
initially asserted that the shares
communicated vide impugned order dated
19.02.2016.
15. The petitioner has challenged invocation of machinery prescribed
under section 148 reopening of the assessment on the ground ... quashed.
18. The transaction regarding the buyback of shares and direction of
share capital was subject matter of deliberation before the assessment order
dated
also contained the
arbitration clause which led to the invocation of the arbitration clause by
the Petitioner as no payments were made to the Petitioner ... Project Company). During the interregnum,
Respondent No.1 sold its shares in Respondent No.3 (the Project
Company) to a third party which were offered
also contained the
arbitration clause which led to the invocation of the arbitration clause by
the Petitioner as no payments were made to the Petitioner ... Project Company). During the interregnum,
Respondent No.1 sold its shares in Respondent No.3 (the Project
Company) to a third party which were offered
arising from
transfer of such shares/securities would be treated as its
business income,
(b)In respect of listed shares and securities held ... Assessment Year
2017-2018.
8. It is therefore submitted that the invocation of amended
provisions of Section 148A for re-opening of the Assessment
completed under
variance in the value adopted by the Petitioner for issuance of the shares on
24.04.2012 and 10.12.2012 based on the valuation and reports dated ... submitted by the learned Senior Standing Counsel for
the Respondent that the invocation of machinery under Section 148A on
01.06.2022 pursuant to the direction
earlier occasion based on AIR information relating to investment in the shares and
immovable property and the issue having attained finality on an earlier occasion ... change of opinion which was
impermissible. It was submitted that for invocation of section 148 to assess the
income escaping assessment under section 147 , there
term capital gains of Rs.39,39,768/-
claimed from sale of shares of penny scrip Monotype India
Ltd.
Assessed ... learned counsel for the petitioner would further submit that
invocation of machinery under Section 148A(b) of the IT Act was not
available
facts of the present case reveal that the invocation of power
under Section 263(3) was justified. Though the said company ... valuable assets in the
form of land. Therefore, the value of the shares ought to have been
properly determined by the appellant and the Assessing
