Dismissing the petition the court held that since Assessing Officer on basis of information received from concerned wing, made independent enquiries and applied his mind gathered information and formed a belief that income had escaped assessment. Notice issued for reopening of assessment is held to be justified (AY. 2012-13)
Bhanuben Mansukhlal Khimashia v. ITO (2021) 281 Taxman 504/ (2022) 213 DTR 44/ 326 CTR 443 (Guj.)(HC)
S. 147 : Reassessment – Penny stock – Information from DIT (Inv)- Capital gains- Assessing Office had made independent enquiries – Reassessment is held to be justified [ S. 10(38), 45 , 148, Art, 226 ]