The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for...

The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure proceedings, statements of certain individuals connected with M/s Spaze Group were recorded u/s 131(1A), including Mr. Anand Singh, the proprietor of M/s JMD International. His statements revealed that he was not in control of the concern, and it was controlled by Sh. Kishori Sharan Goyal for providing "Bogus Billing to various entities." The record showed that M/s JMD International made payments to the petitioner, giving the Assessing Officer reason to believe that the petitioner's income had escaped assessment. The contention that all receipts were taxed in the previous Assessm..... .....

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