Dismissing the petition the Court held that the reasons for the formation of the belief by the Assessing Officer had a rational connection with or relevant bearing on the formation of belief that there had been escapement of income of the assessee from assessment in the particular year because of his failure to disclose fully and truly all material facts. Reassessment notice was held to be valid. (AY.2012-13)
Priya Blue Industries Pvt. Ltd. v. ACIT (2021) 437 ITR 155 / 213 DTR 189/ 326 CTR 576 (Guj.) (HC).Editorial: SLP of assessee dismissed , Priya Blue Industries Pvt Ltd v. ACIT ( 2022) 443 ITR 6 (St)/ 287 Taxman 187 (SC)
S. 147 : Reassessment-With in four years-Information from Investigation wing-Bogus accommodation entries-Notice of reassessment was held to be valid. [S. 131, 148, Art. 226]