Dismissing the petition the Court held that , the disclosure of a transaction at the time of the original assessment proceedings does not protect the assessee from a reassessment under S 147 if the Assessing Officer has information that indicates that the transaction is sham or bogus. Reassessment is held to be valid ( AY.2008 -09)
New Delhi Television Ltd. v. DCIT ( 2017) 298 CTR 230 //156 DTR 217 /84 taxmann.com 136 /(2018) 405 ITR 132 (Delhi) (HC)
S.147: Reassessment-After the expiry of four years-Transaction disclosed in original assessment proceedings discovered to be bogus, reassessment is held to be valid [ S.148 ]