Gujarat HC Upholds Reassessment Based on Bogus Entry Information

Backbone Projects Limited Vs ACIT (Gujarat High Court) The Gujarat High Court addressed a petition filed by Backbone Projects Limited challenging the reassessment proceedings initiated by the Assistant Commissioner of Income Tax (ACIT) for the Assessment Year (A.Y.) 2012-13. The petition challenged the notice dated March 27, 2019, issued under Section 148 of the Income Tax Act, 1961, and the subsequent order dated December 13, 2019, rejecting the assessee’s objections to the reopening. Background and Reopening Basis The assessee had originally filed its return for A.Y. 2012-13 on March 31, 2...