Reopening for accommodation entry based on inquiries & Investigation report was valid: HC

Sanjay Baulal Surana Vs ACIT (Gujarat High Court)

1. The function of the assessing authority at this stage is to administer the statute and what is required is a reason to believe and not to establish fact of escapement of income and therefore, looking to the scope of Section 147 as also sections 148 to 152 of the Act, even if scrutiny assessment has been undertaken, if substantial new material is found in the form of information on the basis of which the assessing authority can form a belief that the income

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