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Specific info of bogus share application money cannot be treated as mere suspicion
Case Law Details
- Case Name
- M/s Etiam Emedia Limited Vs ITO (Madhya Pradesh High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madhya Pradesh HC
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M/s Etiam Emedia Limited Vs ITO (Madhya Pradesh High Court)
Conclusion: Reopening of assessment was justified as there was specific information available with the authorities that assessee was a dummy concern used to route unaccounted money by way of bogus share application money. It was not a case of mere suspicion, it was a case, wherein the competent authority was having reason to believe to reopen the assessment.
Held: AO had reason to believe that during pre and post search investigation consequent upon a search conducted by the Income Tax Department at the premises of ‘M/s S Li...
