- (1.) Heard Sri Rahul Agarwal, learned counsel for the petitioner Sri Praveen Kumar, learned counsel for the respondents.
(2.) This writ petition has been filed to challenge the reassessment proceedings for the Assessment Year 2010-11 initiated by issuance of a notice under Section 148 of the Income Tax Act (hereinafter referred to as the Act) dated 31.03.2017.
(3.) A perusal of the reason to believe recorded for issuance of the aforesaid notice brings out the fact that the Assessing Officer received certain information from the Additional Director of Income Tax (Investigation), Delhi regarding two accommodation entries having been obtained by the petitioner from M/s Fine Tradelink Pvt. Ltd. for Rs. 20,00,000/- and from M/s Grace Exim Pvt. Ltd. for Rs. 15,00,000/-, during the financial year 2009-10. According to that information these two entries were part of large number of accommodation entries provided by a group of companies known as Himanshu Verma group.;