Reassessment u/s. 147 initiated based on subsequent information upheld: Bombay HC

Macrotech Developers Limited Vs DCIT (Bombay High Court) Bombay High Court held the reopening of assessment initiated on the basis of subsequent information justified as based on such information transaction was prima facie found to be undisclosed funds routed through various tax havens companies. Facts- The Petitioner is engaged in the business of real estate development in and around the Mumbai Metropolitan Region. This petition challenges the re-assessment notice under Section 148 of the Income Tax Act, 1961 (the Act), dated 30 March 2016, seeking to reopen the assessment for the assessment...