9911796707
TMI Blog2011 (5) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, relating to the assessment year 1999-2000, raising the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndered the said amount of ₹ 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 ₹ 8,72,650/-. The penalty proceedings under Section 271(1)(c) of the Act were also initiated against the assessee on 28.12.2006. The Assessing Officer vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. The Assessing Officer had made addition of ₹ 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 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
