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2018 (5) TMI 1732 - GUJARAT HIGH COURTValidity of reopening of assessment - whether the investments made by companies in the form of share capital or share premium are genuine? - Held that:- The Inspector made local inquires in the nearby area where the said company is working. He reported that it used to take accommodation entires of the share capital/share premium etc., in various years from the various Kolkata based paper companies to convert its black money into white. Hence, report of Inspector and information received from the Investigation Wing, Kolkata were co-related to each other. Consequently, above investment are not genuine. From the above discussion, it is proved that the assessee did not disclose fully and truly material facts to the Department which is necessary assessment. - Decided against assessee.
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