Dismissing the petition the court held that ; Information from investigation Wing stating that loan from company working as an entry operator and earning bogus funds to provide advances to various persons. Reassessment was held to be valid.(AY. 2010-11)
Jayant Security & Finance Ltd. v. ACIT (2018) 254 Taxman 81/165 DTR 60/ 304 CTR 519 (Guj.)(HC)
S.147: Reassessment – Cash credits –Information from investigation Wing – Loan from company working as an entry operator and earning bogus funds to provide advances to various persons- Reassessment was held to be valid [ S.143(1) ]