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 t

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