Reassessment u/s. 147

This query is : Open

Dishank Shah (Querist)
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25 July 2014 A private limited company has issued 3,00,000 equity shares having face value of Rs. 10 at a premium of Rs. 29.70 per share in during F.Y. 2008-09 relevant to A.Y. 2009-10. The company was incorporated on 16.01.2007. No regular assessment has been completed for A.Y. 2009-10.

Can the assessing officer reopen the case?
Please provide your valuable suggestion with some case law..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 July 2014 see the time limit is 4 years (6 years in case if income escaping assessment exceeds rs 1,00,000) from the end of relevant ay.

so still max time of 6 years is not elapsed and yet they can open by issuing notice u/s 148.

Dishank Shah

Dishank Shah (Querist)
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28 July 2014 Can they reopen the case on the grounds of issue of shares at premium?