The notice for reassessment was issued on 18-3-2020 based on the search action it was found that they have provided accommodation entries to the assessee which was admitted by them in the statement provided u/s 131 of the Act. In the recorded reasons it was observed that the assessee had made the transaction of shares in respect of scrip of Safal (Parikh Herbals Ltd) during the financial year 2012-13 relevant to assessment year 2013-14.   The assessee challenged the notice by filling the writ petition and contended that the assessee has neither contacted nor has any remote contact with Shri Jignesh Shah as it was mentioned in the list. Dismissing the petition the Court held that reassessment notice was issued to assessee mainly on basis of information received from Deputy Director to effect that search in case of two individuals companies revealed that they had provided accommodation entries to assessee for claiming bogus capital gain, since thorough inquiry was carried out and after verifying all aspects regarding incriminating documents unearthed during course of search action, it was declared that transactions were accommodation entries provided to assessee, there was reason to believe that income chargeable to tax had escaped assessment and, thus, reassessment was justified. (AY. 2013-14)