Gujarat HC Upholds Section 148 Reopening Based on Fresh Survey Material

Amar Jewellers Ltd. Vs ACIT (Gujarat High Court) The writ applicant challenged a notice issued under Section 148 of the Income-tax Act for Assessment Year 2013-14 seeking reopening of its assessment. The company, engaged in the business of gold and jewellery, had been subjected to a search under Section 132 along with the Amar Group. Pursuant to the search, assessment proceedings under Sections 143(3) read with 153A were completed without making any addition in respect of purchases made from Swastik Corporation. Subsequently, a notice under Section 148 was issued proposing to reopen the assess...