Bogus accommodation entries – HC upheld validity of Section 148 Notice

Rochana Agarwal Vs ACIT (Allahabad High Court) The reason for issuing the notice under Section 148 of the Act is that during investigation, the Assessing Officer has gone through the income tax return and other related documents of the assessee and has found that the M/s KCGP Share Broking Service Pvt. Ltd. has been used to provide bogus accommodation entries to various beneficiaries. The assessee is one of the beneficiaries of M/s KCGP Share Broking Services Pvt. Ltd., which is engaged in providing accommodation entries to the beneficiaries. The assessee is a beneficiary of receiving bogus ac...