Income Tax Reopening Sustained as Assessee Was Alleged Beneficiary of Accommodation Entries

Ankit Financial Services Ltd. Vs DCIT (Gujarat High Court) The Gujarat High Court considered a petition challenging a notice issued under Section 148 of the Income Tax Act for reopening the assessment for Assessment Year (AY) 2010-11. The notice was issued within four years from the end of the relevant assessment year. The petitioner, engaged in the business of investment and financing, had filed a return declaring nil income. The return was accepted under Section 143(1) of the Act. Subsequently, the Assessing Officer (AO) issued a notice under Section 148 on the ground that income chargeable ...