Reassessment justified if bogus transaction found based on subsequent information

Navnidhi Dyeing And Printiing Mills Pvt. Ltd. Vs ACIT (Gujarat High Court) Conclusion: Where the transaction itself, on the basis of the subsequent information, was found to be bogus transaction, the mere disclosure of that transaction at the time of original assessment proceedings could not be said to be disclosure of the ‘true’ and ‘full’ facts in the case and the Income Tax Officer would have the jurisdiction to re-open the concluded assessment in such a case. Held:  In the present case, AO had considered the materials on record which would, prima facie, suggest tha...