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HC upheld tax reassessment proceedings for AY 2009-2010, finding valid jurisdictional grounds for reopening assessment. The court determined that information about bogus loan transactions routed through tax haven entities was obtained post original assessment, justifying reopening under Section 147. The petitioner's failure to disclose material facts about circuitous fund transfers through offshore companies in Cyprus and Mauritius constituted sufficient reason for reassessment. The HC rejected challenges to reassessment, emphasizing the revenue's objective to bring escaped income to tax, and dismissed the petition challenging the reassessment notice.
HC upheld tax reassessment proceedings for AY 2009-2010, finding valid jurisdictional grounds for reopening assessment. The court determined that information about bogus loan transactions routed through tax haven entities was obtained post original assessment, justifying reopening under Section 147. The petitioner's failure to disclose material facts about circuitous fund transfers through offshore companies in Cyprus and Mauritius constituted sufficient reason for reassessment. The HC rejected challenges to reassessment, emphasizing the revenue's objective to bring escaped income to tax, and dismissed the petition challenging the reassessment notice.
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