2012 (11) TMI 859

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.... This appeal at the instance of the Department is directed against the order passed by the Income Tax Appellate Tribunal. Questions of law raised are quoted below: "1. Whether on the facts and in the circumstances of the case Hon'ble ITAT is legally correct in upholding the findings of the learned CIT (A) who has deleted the entire addition of Rs.1,09,75,100/- made on account of unexplained l....

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....nts did not represent income, whereas in the present case, even though notices were issued to two companies from whom loans were received, they did not appear and accordingly the Assessee did not discharge his obligation. On perusal of the assessment order, we find that though notices were issued to the two companies from whom loan had been received by the assessee, the Assessing Officer did no....