Reassessment Notice Upheld as Information on Shell Companies Constituted Tangible Material

Amit Polyprints Pvt. Ltd. Vs DCIT (Gujarat High Court) The Gujarat High Court considered two petitions challenging notices issued under Section 148 of the Income Tax Act, 1961 for reopening assessments for Assessment Year (AY) 2010-11. The cases involved different assessees, but the facts and legal issues were substantially similar. In one case, the return had been accepted under Section 143(1) without scrutiny, while in the other it had been accepted after scrutiny assessment. The petitioner company had filed its return declaring nil income. The Assessing Officer (AO) later sought to reopen t...