2017 (4) TMI 1458

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....DR Respondent by: None- ORDER Pradip Kumar Kedia, Both the captioned appeals by the Revenue are directed against the common order of the Commissioner of Income Tax(Appeals)-II, Ahmedabad [CIT(A) in short] dated 18/09/2013 passed for the Assessment Years (AYs) 2008-09 & 2009-10. 2. The Assessing Officer (AO), in the instant appeals has challenged the action of the CIT(A) in deleting the p....

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....sion, the CIT(A) observed that all the relevant facts/details of the transactions of loan taken by the assessee were fully furnished and disclosed and no defect therein has been pointed out. The CIT(A) also observed that the aforesaid loan has been treated as income chargeable only by way of legal fiction created under s.2(22)(e) of the Act. Thus, the CIT(A) reversed the action of AO towards impos....

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....ble income in the hands of borrower in departure with the operation of the normal provisions. Admittedly, the relevant facts concerning the issue were available to the AO. Thus, there is no concealment of any 'particulars' of any fact per se. The Assessee has simultaneously claimed that the aforesaid advances have been received the course of ordinary business and owing to ongoing business transact....