The petitioner has filed the return of income showing the income of Rs. 1,93,550. The return of income has been processed u/s. 143(1) of the Act. The assessment was reopened on the ground that Odyssey Securities Pvt Ltd. is a scrip on which the petitioner has done high volume/value transaction. The assesseee challenged the order disposing the objection by filing writ petition. Dismissing the petition the Court held that if Assessing Officer has such tangible material, the power to reopen can be exercised. It is settled law that at the stage when the Assessing Officer reopens the assessment, it is not necessary that material before the Court should conclusively prove or establish that income has escaped assessment. We find support for this view in Export Credit Guarantee Corporation of India Ltd. v. ACIT (2013) 30 taxmann.com 211 (Bom)(HC) (WP. No. 879 of 2022, dt. 7.4. 2022) (AY. 2015-2016)
Ideal Associates v. ACIT (2022)448 ITR 260/(2023) 146 taxmann.com 225 (Bom.)(HC)
S 147 : Reassessment-After the expiry of four years-Tangible material-High value transaction-Reliance of SEBI order-Reassessment proceeding is held to be valid. [S. 143(1), 148, 151, Art. 226]