Reopening valid if AO Receives Prima Facie Bogus Transaction Info Post-Assessment

Jayant Security And Finance Ltd. Vs ACIT (Gujarat High Court) Gujarat High Court has dismissed a petition filed by Jayant Security And Finance Ltd. challenging a notice issued by the Assistant Commission-er of Income Tax (ACIT) to reopen the assessment for the Assessment Year 2010-2011. The company had contested the validity of the notice dated March 31, 2017, which sought to revisit its tax assessment for the said year. The case revolves around the reassessment of the petitioner’s income for AY 2010-2011. Jayant Security And Finance Ltd., a company registered under the Companies Act, 19...