2017 (4) TMI 1458

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.... Appellant by: Shri G.C. Daxini, Sr.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 ....

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....all for penalty. For coming to such conclusion, 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(....

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....eating the returnable loans/advances as taxable 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 bus....