Specific info of bogus share application money cannot be treated as mere suspicion

M/s Etiam Emedia Limited Vs ITO (Madhya Pradesh High Court) Conclusion:  Reopening of assessment was justified as there was specific information available with the authorities that assessee was a dummy concern used to route unaccounted money by way of bogus share application money. It was not a case of mere suspicion, it was a case, wherein the competent authority was having reason to believe to reopen the assessment. Held: AO had reason to believe that during pre and post search investigation consequent upon a search conducted by the Income Tax Department at the premises of ‘M/s S Li...