Assessing Officer issued on assessee a notice under section 148 seeking to reopen assessment on ground that assessee had done bogus financial transaction with an accommodation entry, provider  He thereafter passed assessment order under section 147 read with sections 144 and 144B and made certain additions to assessee’s income and issued notice of demand.  He also issued notice for penalty under section 274 read with section 271(1)(c) to assessee. Assessee filed writ petition  for quashing  notices and assessment order. Allowing the petition the Court held that  while deciding a similar issue on similar facts in assessee’s own case for subsequent assessment year had set aside notice issued under section 148, Court held that  the assessment was reopened solely on the basis of statement of an accommodation entry provider, has held that the belief formed by the Assessing Officer suffers from lack of bona fides, is vague, far-fetched, irrelevant, based on conjecture and surmises and also arbitrary and irrational and set aside the notice issued under section 148, assessment order, notice of demand and notice for penalty  assessment order, notice of demand and notice for penalty, in instant case impugned notices and assessment order are also  set aside.   (AY. 2014-15)