Subsequent Inquiry Based on Additional Material is Sustainable in Law

Kalsha Builders Pvt Ltd Vs ACIT & Ors. (Bombay High Court) Subsequent Inquiry Based On Additional Material is Sustainable In Law  And Requirement Of True And Full Disclosure Runs Through The Entire Assessment And Doesn’t End With Filing Of Return.  FACTS – Assessee, a registered company, is engaged in the business of developing real estate. Return for AY 2011-12 was taken up for scrutiny. AO passed the order u/s 143 (3) on 29.01.2014. AO issued notice to reopen the assessment. Search action was carried out against Shri Shirish who was engaged in providing bogus accommodation entries...