Sec. 10(38) & 147 of the Income-tax Act, 1961 – Capital gain – The petitioner challenged a notice of reopening of assessment in question. High Court did not find that the Assessing Officer had dealt with the contention of the petitioner that the petitioner is in a position to establish that the shares in question were held by Savoy Finance for a period in excess of one year and therefore, there was no liability to pay capital gain tax on the proceeds of sale of shares. Thus, High Court asked the AO to consider this objection of the petitioner and give his specific finding through a speaking order. SLP of the revenue dismissed  – SWASTIK SAFE DEPOSIT & INVESTMENTS LTD. [2020] 270 TAXMAN 008 (SC)