2012 (11) TMI 859

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....epartment 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 loans u/s 68 and Rs.1,58,531/- made on acc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 not pursue the same and proceeded with the assess....