Gujarat HC Upholds Reopening of Assessment Based on Alleged Accommodation Entries

Priya Blue Industries Private Limited Vs ACIT (Gujarat High Court) Reassessment Notice Valid Despite Earlier Scrutiny Assessment When Fresh Investigation Material Emerges; Gujarat HC Says Filing TCS Returns Alone Does Not Establish Genuine Transactions in Reopening Case; Assessment Reopening Beyond Four Years Sustained Due to Alleged Failure to Fully Disclose Facts; Gujarat HC Refuses to Quash Section 148 Notice Based on Investigation Wing Information. The Gujarat High Court heard a writ petition filed by an assessee company engaged in ship-breaking business challenging a notice dated 30.03.20...