Mere disclosure of bogus transaction not sufficient, reopening of assessment sustainable

Nisha Diamonds Private Limited Vs ITO (Gujarat High Court) Facts- Assessee filed the ROI for AY 2012-13 on 24.08.2012 declaring total income at INR 28,910. The assessment u/s 143(3) was completed on 31.03.2014. The purchase transaction with M/s. Agni tuning to INR 14,62,00,000 was the main reason for reopening of the assessment for the year. Mainly, re-opening of the assessment was questioned via writ application. It was also alleged that the said transaction was truly disclosed in the books of accounts hence reopening beyond 4 years is not permissible. Conclusion- After framing of the assessm...