Sunday 2 August 2015

No reassessment by AO on change of opinion that profit from share dealings was taxable as business i

IT : Where at time of making assessment, assessee gave complete details regarding name of scrip, purchase and sale quantities, period of holding, selling price etc., Assessing Officer could not initiate reassessment proceedings merely on basis of change of opinion that profit earned on sale of shares taxed earlier as capital gain, was liable to be taxed as business income

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