Reassessment Confirmed for Non-Disclosure of Fund Routing Through Tax Havens During Original Proceedings: Bombay High Court

In a significant ruling, the Bombay High Court has upheld the initiation of reassessment proceedings under the Income Tax Act 1961, specifically under Section 147 and Section 148, for a case where the Assessing Officer (AO) had reason to believe that the income chargeable to tax had escaped assessment due to a bogus share application transaction. The judgment was pronounced in the case of Sayyed VERSUS Income Tax Officer, where…