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2017 (9) TMI 1515

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....on the basis of an entry found in the books of third party namely Shri Mahesh Mehta, made by the Assessing Officer. The second is against the levy of interest under sections 234, 234B and 234D, which is consequential in nature. 2. The brief facts relating to the issue under consideration are that during the search action on June 30, 2009 carried out in the case of Mahesh Mehta, a hand written "bahi" was found at his residence in which unaccounted cash transactions were recorded. In the said "bahi", there was an account of Cosmos which revealed that the said company (Cosmos) has given an amount of Rs. 40 lakhs by way of two cheques amounting to Rs. 30 lakhs and Rs. 10 lakhs respectively to one of the entities of the Mahesh Mehta group. Howe....

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....dered amount of Rs. 2.5 crores. He, accordingly made an addition of Rs. 40 lakhs into the income of the assessee. 3. Being aggrieved by the above order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals). The assessee agitated before the Commissioner of Income-tax (Appeals) the reopening of the assessment as well as the addition made on the merits. The assessee submitted that the alleged entry found in the case of M/s. Mahesh Mehta group did not belong to the assessee and that there was no evidence that the assessee has done any alleged transaction with the M/s Mahesh Mehta group. The learned Commissioner of Income-tax (Appeals) was however, not conceived with the submission of the ass....