9911796707
TMI Blog2015 (7) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 ₹ 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 ₹ 5 lakh and thereafter, when the reassessment proceedings were initiated the assessee admitted to have introduced bogus loan of ₹ 5 lakh from Babulal D. Visrolia and ₹ 5 lakh from Vinod L. Patodia [in all ₹ 10 lacs] and shown the additional income of ₹ 10 lakh and amount of ₹ 88,972/-thereon in response to the notice under section 148 of the IT Act. Considering the facts and circumstances, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the original assessment was completed, the department carried out searches and post-search inquiries in the case of one Saha Group. That during the inquiries it was revealed that the assessee had additionally taken a loan of ₹ 5 lakh from Shri Babulal D. Visrolia and a further loan of ₹ 5 lakh from Shri Vinod L. Patodia. During the course of inquiry held by the department the assessee surrendered the aforesaid loans aggregating to ₹ 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 ₹ 10 lakh apart from wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oted that in the original return the assessee had shown the return income of ₹ 7,14,500/-only. After the Investigation Wing detected the money laundering racket at Mumbai, wherein the assessee was also found to have been involved, only thereafter the assessee filed revised return of income declaring bogus loan of ₹ 10 lakh and interest thereon as additional income Thus, it was established that the assessee has considered income of ₹ 10,88,972/-. It is also required to be noted at this stage that even after the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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