Dismissing the petition the Court held that , in the course of search in the premises of shreeji Polymers (India) Ltd , the Court found that specific information was available with the authorities . Accordingly the allegation that assessee is a dummy concern used to route unaccounted money by way of bogus share application money is sufficient to reopen assessment . ( AY.2011-12)( WP. No.28177/2018, dt. 19.12.2018)
Etiama Emedia Ltd. v. ITO ( 2019) 261 Taxman 88 / 176 DTR 155/ 308 CTR 225( MP)(HC),www.itatonline.org
S. 147: Reassessment -Bogus share capital- Search in the premises of shreeji Polymers (India) Ltd – Specific information was available with the authorities -Allegation that assessee is a dummy concern used to route unaccounted money by way of bogus share application money is sufficient to reopen assessment .[ S. 68,148 ]