NSEL Transaction: Reopening of assessment not permissible for Mere verification or for fishing inquiry

Mridulla Badarmal Jain Vs ACIT (Gujarat High Court) he crux of the reasons recorded for reopening reads reads thus :- 4. As per record, the assessee has booked a paper transactions and delivery of commodities in her case has not taken place. There the same is to be disallowed. As the case was not selected for scrutiny, it is therefore, necessary to verify the transactions with respect to the information received as there is an escapement of income of more than 1 lakh as the transactions do not correspond to the return that if filed. From the reasons recorded for reopening the assessment, it is...