Reassessment based on Invalid Facts with no Application of Mind is Invalid

M/s Aash Trading Company Pvt. Ltd. Vs ITO (ITAT Delhi) We find that AO in the reasons recorded has mentioned that Rs. 75 lacs on account of accommodation entry has been escaped, however, he had issued noticed u/s. 148 of the Act to the assesee. In response to the same, assessee filed the objection which was decided in a summary manner. We further find that after considering the reply filed by the assessee as well as documentary evidences, the AO has made the addition of Rs. 15 lacs u/s. 68 of the Act whereas AO has issued the notice u/s. 148 of the Act for escapement of income of Rs. 75 lacs w...