Reopening concluded assessment jurisdictionally not sustainable: Delhi HC

Satish Chand Jain Vs ACIT (Delhi High Court) Delhi High Court held that that there was no justification for the respondents to issue notices afresh seeking to reopen the proceedings which had been concluded prior to the judgment passed in Ashish Agarwal. The judgment passed in Ashish Agarwal does not mandate the completed assessment being reopened. Facts- On the basis of an information received from the Investigation Wing, Mumbai that the assessee was the beneficiary of Rs. 3.07 crores through misusing the platform of NSEL Exchange by unscrupulous broker during the year under consideration, th...