2011 (5) TMI 1104

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....pellant : Mr. Rishab Kapoor, Advocate ORDER AJAY KUMAR MITTAL, J. 1. Delay in refiling is condoned. 2. This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 30.4.2010 passed by the Income Tax Appellate Tribunal, Delhi Bench "B", New Delhi (hereinafter referred to as "the Tribunal") in ITA No. 2577/Del/08, ....

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....ting to Rs. 5 lacs. The assessee surrendered the said amount of Rs. 5 lacs subject to no penal action. However, the Assessing Officer after considering the reply of the assessee did not find any substance therein. The reassessment was completed on 28.12.2006 at an amount of Rs. 8,72,650/-. The penalty proceedings under Section 271(1)(c) of the Act were also initiated against the assessee on 28.12.....

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.... transaction. 6. The Assessing Officer had made addition of Rs. 5 lakhs in the returned income on account of bogus gifts alleged to have been received from Shri Sanjay Mohan Aggarwal. It was recorded that the gift alleged to have been received from Shri Sanjay Mohan Aggarwal was not genuine and there was no occasion for him to have given the gift to the assessee. The explanation furnished by th....

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.... out altogether a new case. The validity of assessment is very much intact. One of the argument by the Ld. Counsel for the assessee is in respect of charge framed by the Assessing Officer i.e. whether they have furnished inaccurate particulars or they have concealed the particulars of income. The Ld. CIT(A) has dealt this issue and we do not find any error in his order. Apart from that we are of t....