AO can reassess issues other than the issues proceedings were initiated but he was not justified when the reasons for the initiation of those proceedings ceased to survive

Last updated: 13 August 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case as well as in law the Ld. Commissioner of Income Tax (Appeals) grossly erred in upholding the action of ld. Assessing Officer in treating the loss on sale of shares as capital loss which is otherwise business loss and allowable under law. These action of Hon’ble Commissioner of Income Tax (Appeals)- IV, New Delhi, and ld. Assessing Officer being arbitrary, unjust, illegal and invalid in law liable to quashed and it is prayed to your honour that they please be quashed and/or any other relief just deem fit and proper please be directed

Citation :
Aggregate Finance & Investment Pvt. Ltd., 1117/12, 3rd Floor, Naiwala, Karol Bagh, New Delhi. PAN: AAACA6428R (Appellant) Vs. ITO,Ward 1 (2), New Delhi. (Respondent)