https://www.taxtmi.com/caselaws?id=249354 Gujarat HC upheld reassessment proceedings u/s 147/148 against an assessee engaged in share trading. During original assessment for AY 2006-07, assessee disclosed unsecured loans from Basant Marketing Pvt. Ltd. Subsequently, CBI investigation revealed this company was a dummy entity providing accommodation entries. HC held that AO's belief for reopening was based on specific, reliable information showing non-disclosure of material facts. The twin conditions u/s 147 were satisfied as income escaped assessment due to incomplete disclosure. Court rejected assessee's challenge, emphasizing AO's jurisdiction was validly assumed based on fresh investigation findings. en-us Tue, 06 May 2014 00:00:00 +0530 Fri, 23 May 2025 12:26:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249354 Gujarat HC upheld reassessment proceedings u/s 147/148 against an assessee engaged in share trading. During original assessment for AY 2006-07, assessee disclosed unsecured loans from Basant Marketing Pvt. Ltd. Subsequently, CBI investigation revealed this company was a dummy entity providing accommodation entries. HC held that AO's belief for reopening was based on specific, reliable information showing non-disclosure of material facts. The twin conditions u/s 147 were satisfied as income escaped assessment due to incomplete disclosure. Court rejected assessee's challenge, emphasizing AO's jurisdiction was validly assumed based on fresh investigation findings. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249354