Assessments Can Be Reopened on Credible Escaped Income Information: Rajasthan HC

Ankit Agrochem Pvt. Ltd Vs JCIT (Rajasthan High Court) The Rajasthan High Court has upheld the authority of the Income Tax Department to reopen tax assessments in cases where there is credible information suggesting income has escaped assessment, particularly when the original return was processed without detailed scrutiny. The ruling came in the case of Ankit Agrochem Pvt. Ltd. vs. JCIT, where the assessee challenged a notice for reassessment concerning alleged bogus share application money received. The case stems from the Assessment Year 2013-14, for which Ankit Agrochem Pvt. Ltd. had filed...