147: Law on reopening of assessments within four years and beyond four years explained with online forex trading in india mumbai to all important case laws. Strictures passed against the AO for making comments which are highly objectionable and bordering on contempt and for being oblivious to law.
The above observations made by the Assistant Commissioner of Income-Tax are highly objectionable and are bordering on contempt. We however, give him the benefit of doubt of being oblivious to law. We had, in fact, in an earlier Writ Petition No. 292B: Entire law on “service of notice” and difference between “issue” and “service” of notice explained.