Assessee accountable for transactions by its power of attorney holder: Rajasthan HC

Agarwal Polysacks Limited Vs PCIT (Rajasthan High Court) Rajasthan High Court dismissed the writ petition filed by Agarwal Polysacks Limited challenging the reassessment proceedings initiated under Section 147 of the Income Tax Act. The company received a notice under Section 148A on March 28, 2024, indicating that certain income had escaped assessment for the assessment year 2020-21. The Income Tax Department’s inquiry revealed that the company had sold 13 plots in Shri Shiv Nagar, Jodhpur, and received the consideration in cash. Since the company failed to provide a satisfactory explan...