2026 (5) TMI 1324

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.... the Income Tax Act. 2. The brief facts of the case are that the assessee had filed its return of income for A.Y. 2013-14 on 30.09.2013 declaring Nil income. The original assessment was completed u/s. 143(3) on 31.07.2025 at total income of Rs. 11,53,620/-. Thereafter, the case of the assessee was reopened on the basis of information received that the assessee had converted its unaccounted cash of Rs. 45,00,000/- by arranging transactions with M/s Mehta Finance. The re-assessment was completed u/s. 147 r.w.s. 144B of the Act, on 29.03.2022 at total income of Rs. 56,20,430/-. 3. Aggrieved with the order of the AO, the assessee had filed an appeal before the first appellate authority, which was decided by the learned CIT(A) vide the imp....

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....f the Act was conducted at the premises of M/s Mehta Finance wherein it transpired that M/s Mehta Finance was involved in providing accommodation entries by accepting cash. Shri Dipak Rasiklal Mehta, while explaining the seized documents, had admitted that Annexures-17, 18, 19 and 20 were vouchers containing entries of cash receipts against which cheque or RTGS payment was made. It was explained that the name of the parties who had deposited cash was duly entered in the vouchers appearing in these annexures. On the basis of this incriminating evidence, the AO had concluded that the assessee had taken accommodation entries of Rs. 56,62,430/- by depositing cash of equivalent amount with M/s Mehta Finance. It transpires that the AO had reopene....