Mangaldeep Multistate Urban Co-Operative Credit Society Ltd. v. ACIT (2024) 231 TTJ 588 / 241 DTR 105 / 38 NYPTTJ 607 (Mum) (Trib)

S. 147: Reassessment-Survey-Facilitating dubious transactions by accepting huge cash deposits from suspicious/unidentified entities and thereafter transferred most of these amounts to various other suspicious entities-Reassessment notice is valid.[S.133A, 148]

Held that during the survey proceedings under S. 133A it was observed that   that the assessee-society was facilitating dubious transactions by accepting huge cash deposits from suspicious/unidentified entities and thereafter transferred most of these amounts to various other suspicious entities, said information constituted new and tangible material for initiating reassessment proceedings in the case of the assessee. Re assessment is affirmed. (AY. 2014-15 to 2016-17)

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