Case Law Details
Akshat Pramodkumar Chaudhary Vs DCIT (Gujarat High Court)
Gujarat High Court held that in case reopening of assessment based on material which satisfied to harbour reasons to believe that there was escapement of income, then, such reopening of assessment is justifiable.
Facts- The assessee received income from business and profession and interest income for the year 2012-13. The assessee also received proceeds from sale from share of Twenty First Century (I) Limited. The assessee filed its return of income for A.Y. 2012-13, by declaring gross total income at Rs.16,56,922/-.
On 26.03.2019, the respondent authority issued a notice u/s. 148 of the Act for re-assessing the income of the petitioner. The petitioner objected to the re-opening of the assessment.
The respondent rejected the objections raised by the petitioner by observing that the information received from Investigation Wing related to penny scrips in which various beneficiaries had transacted. The report was received from the Investigation Wing, Kolkata along with the detailed investigation report of penny scrips, relevant details, and a list of beneficiaries.
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