TaxTMI 
TaxTMI 
2025 (8) TMI 1650
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....ule returnable forthwith. Learned Senior Standing Counsel Ms. Maithili Mehta waives service of notice of Rule on behalf of the respondent. 3. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the validity of the order passed under Section 148(d) of the Income Tax Act, 1961 (For short 'the Act') dated 31.03.2022 whereby the respondent has held that this was a fit case for issuance of notice under Section 148 of the Act for the reason that income chargeable to tax has escaped assessment and the notice of even date issued under Section 148 of the Act for Assessment Year 2015-16. 4. The assessee filed return of income declaring total income of Rs. 74,74,450/- on 28th August, 2015 for the Assess....
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....e beneficiaries who has availed/obtained accommodation entries by way of banking channel against cash to the tune of Rs. 1,25,00,000/- under various head from Mehta Finance (AACFM5349L) and other Mehta Soni Group of companies. Considering the above facts, you are requested to submit your explanation/clarification alongwith supporting documentary evidences, if any, relating to the issue as discussed above on or before the date mentioned in the notice." 6. The petitioner submitted reply along with the relevant documents to the said notice on 22nd March, 2022 contending that the petitioner has availed the temporary loan from Mehta Finance through banking channel and therefore, the petitioner is not a beneficiary of the alleged accommodation....
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....y benefit of accommodation entry and it was a short-term loan availed by the petitioner from the Mehta Finance. 10. It was submitted by Mr. S.N. Divatia, learned advocate for the petitioner that there is no income, which can be said to escape the assessment, more particularly when the petitioner has not availed any benefit out of the alleged accommodation entry admitted by Mr. Dipak Rasiklal Mehta for the Mehta Finance during the course of such proceedings conducted by the respondent authority on 30th July, 2018. 11. It was further submitted that in view of any tangible material available on the record or referred by the Assessing Officer to reopen the assessment so as to hold that the petitioner is a beneficiary of the accommodation ....
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....5, which was returned on 23rd March, 2015 itself, whereas Rs. 50,00,000/- was returned on 24th March, 2015 as is evident from the confirmation ledger account of the petitioner from the books of the Mehta Finance filed by the petitioner along with the acknowledgment of the income tax return filed by the said Mehta Finance with a reply to show that the petitioner has entered into a genuine temporary loan transaction through banking channel. The respondent-Assessing Officer, however, failed to consider such documents on record and has jumped to the conclusion that the petitioner is one of the beneficiaries, who has availed / obtained accommodation entries by way of the banking channel against cash to the tune of Rs. 1,25,00,000/- without there....