COMMISSIONER OF INCOME TAX Vs. AJAY PRAKASH (HUF)

JUDGEMENT

(1.) HEARD Sri Shambhoo Chopra, the learned counsel for the appellants and Sri Rahul Agrawal, the learned counsel for the assessee.

(2.) THE assessee had claimed long term capital gains of Rs. 14,78,214/ - on sale of shares of G.K.C.L. Out of the total amount of Rs. 14,78,214/ - it was alleged that an entry of Rs. 4,49,214 was credited in the account of the assessee on 7.4.1998 which was cleared on 12.4.1998. The assessing officer found reasons to believe that the claim of long term capital gains pertaining to the Assessment Year 1999 -2000 was a bogus entry and accordingly reopened the case U/s 148 for the Assessment Year 1998 -1999 and 1999 -2000.

(3.) THE present appeal relates to the Assessment Year 1998 -1999. The reasons recorded for reassessment U/s 147 read with 148 is as under: