Deduction of TDS or payment via account payee cheque doesn’t justify non-genuine transaction

Bhagwab Mahavir Education Foundation Vs DCIT (ITAT Surat) ITAT Surat held that mere deduction of TDS or mere payment by account payee cheque doesn’t make non-genuine transaction a genuine one. Facts- The case of the assessee was re-opened u/s 147 of the Act for the reason that the assessee trust had received accommodation entries from Shri Arvind Kumar Jain and Shri Naresh Kumar Jain (Jain Brothers) who were found to be engaged in the business of providing accommodation entries and the assessee trust was one of the beneficiaries of the shell companies/entities floated by Jain brothers. AO no...