2014 (1) TMI 138

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....ngady, Dakshina Kannada District under the name and style of M/s.Sri Durga Credits and Investments. The assessee filed his return of income for the assessment years 2000 - 01 to 2006 - 07, declaring his income. Subsequently, a survey was conducted at the business premises of the assessee under Section 133 (A) of the Act on 30.08.2006. The authorities found duplicate sets of exercise books, which were seized. Based on the findings of the survey authorities, the case of the assessee was reopened and notices under Section 148 of the Act was issued for the assessment years 2000 - 01 to 2005 - 06 and also notices under Sections 143(2), 142 (1) of the Act, for the assessment year 2006 - 07 was also issued. The assessee filed revised returns of in....

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....hority dismissed the appeal by confirming the order of the assessing authority. The assessee again preferred an appeal challenging the order of the lower appellate authority before the Tribunal. The Tribunal on reappreciation of the entire material on record, dismissed the appeal. Aggrieved by these three orders, the present appeal is filed. 3. Learned Counsel for the assessee assailing the impugned orders contend, 'though in the exercise books some amount were found, to whom the assessee had advanced loans, he had received neither the interest nor the principal. Therefore, the same was not taken into account and under those circumstances, in order to purchase peace, though not liable to pay tax, he paid the said amount. Merely because t....