Reassessment on basis of information received from investigation wing held justified by HC

INCOME TAX: Where assessment of assessee-company was re-opened on basis of information received from Dy. Director (Inv.) that unsecured loans taken by assessee were availed from five shell companies and during investigation, it was found that all companies had no credentials to carry out transaction of huge amounts as per their income profile and these companies are indulged in providing accommodation entries in form of unsecured loans,

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