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..