Re-opening of assessment for change of opinion not valid – SC

SUPREME COURT OF INDIA Assistant Commissioner of Income-tax V/s. ICICI Securities Primary Dealership Ltd. CIVIL APPEAL NO. 5960 OF 2012 AUGUST 22, 2012 ORDER Leave granted. We have heard learned counsel on both sides. The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vi...