Assessment cannot be Reopened based on data already disclosed in scrutiny assessment

Gateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) The issue under consideration is whether the re-opening of the assessment u/s 147 is justified in law? In the present case, after referring to the information received following search and seizure action carried out in the premises of Shri Naresh Jain, it was stated that information showed that Petitioner had traded in the shares of M/s. Scan Steels Ltd., and was in receipt of Rs. 23,98,014.00 and therefore, Respondent concluded that he had reasons to believe that this amount had escaped assessment within the meaning of section 147 of the A...