https://www.taxtmi.com/caselaws?id=410867 The court upheld the reopening of assessment for AY 2014-15 under Section 148 of the Income Tax Act, 1967, due to the belief that income had escaped assessment from share application money received from bogus companies. The court found the reopening justified based on tangible material and proper compliance with procedural requirements. The petition was dismissed as the Assessing Officer had "reason to believe" income had escaped assessment, and the petitioner failed to fully disclose material facts, including the nature of investor companies. en-us Fri, 06 Aug 2021 00:00:00 +0530 Fri, 22 Oct 2021 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410867 The court upheld the reopening of assessment for AY 2014-15 under Section 148 of the Income Tax Act, 1967, due to the belief that income had escaped assessment from share application money received from bogus companies. The court found the reopening justified based on tangible material and proper compliance with procedural requirements. The petition was dismissed as the Assessing Officer had "reason to believe" income had escaped assessment, and the petitioner failed to fully disclose material facts, including the nature of investor companies. Case-Laws Income Tax Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410867