Principles Governing Reopening of Assessment Under Section 147 – Gujarat HC

Meghavi Minerals Pvt Vs ITO (Gujarat High Court) Gujarat High Court has upheld the Income Tax Officer’s (ITO) decision to reopen the assessment of Meghavi Minerals Pvt. Ltd. for the assessment year 2012-13. The court rejected the company’s challenge to the Section 148 notice of the Income Tax Act, 1961, which initiated reassessment proceedings based on information regarding alleged accommodation entries totaling Rs. 1.20 crore. Meghavi Minerals Pvt. Ltd. had approached the High Court seeking to quash the reopening notice and the subsequent order rejecting their objections. The comp...