Concluded assessment can be reopened if information disclosed earlier was bogus

Mehrunnisa Mohamed Fazal Maniar Vs ITO (Gujrat High Court) The case on hand is not a case where the Income Tax Officer seeks to draw any fresh inference which could have been raised at the time of the original assessment on the basis of the materials placed before him by the assessee relating to the transfer of Rs.25 Lakh through the Dhanlaxmi Bank during the F.Y. 2011­-12 and which he failed to draw at that time. Acquiring fresh information, specific in nature and reliable in character, relating to the concluded assessment, which goes to expose the falsity of the statement made by the assess...