Reopening of assessment sustained due to failure of true & full disclosure

OMNI Lens Pvt. Ltd. Vs ACIT (Gujarat High Court) Gujarat High Court held that reopening of assessment sustainable on failure of true and full disclosure of demanded material on the part of the petitioner. Facts- Post completion of assessment, ADIT (Inv) issued a summons u/s. 131(1A) read with Section 131 of the Act on 12.12.2019 seeking information regarding its Demat Account statements for F.Y. 2012–2013 and 2013–2014 and additionally, trade details were also carried out on National Spot Exchange Limited (NSEL) along with ledger of NSEL. In response to the said summons, petitioner replied...