TaxTMI 
TaxTMI 
2015 (7) TMI 513
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....d order dated 01.06.2012 passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot (hereinafter referred to as "ITAT") in ITA No.123/Rjt/2011 with respect to the assessment year 2001-02 by which the ITAT has allowed the said appeal preferred by the Revenue by quashing and setting the order dated 28.01.2011 passed by the CIT(A) and consequently confirming/restoring the order passed by the A....
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.... the course of inquiry held by the department the assessee surrendered the aforesaid loans aggregating to Rs. 10 lakh as bogus loans. Based upon the information received by the AO from the Investigation Wing of the Income Tax Department, notice under section 147/148 was issued pursuant to which the assessee filed a return of income in which he surrendered the said loan of Rs. 10 lakh apart from wi....
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....der passed by the CIT(A) dated 28.01.2011 in deleting the penalty levied by the AO under section 271(1)(c) of the IT Act, the Revenue preferred appeal before the ITAT and by impugned judgment and order the ITAT has allowed the said appeal and has quashed and set aside the order passed by the CIT(A) and has restored the order passed by the AO levying penalty under section 271(1)(c) of the IT Act. ....
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....original assessment was completed and during the course of investigation by communication dated 23.11.2004 the assessee wrote a letter to the Deputy Director of Investigation, Mumbai offering additional income of Rs. 5 lakh shown as loan from Babulal D. Visrolia and Vinod L. Patodia. However, even at that time also, he offered the additional income of Rs. 5 lakh and thereafter, when the reassessme....