2011 (1) TMI 528

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..... only of Rs.10 lac, while bogus purchases were of much higher amount - the surrendered amount was finalised in the presence Commissioner of Income Tax and Additional Commissioner of Income Tax - As per the case of Sh. Rajesh Goel v. The Commissioner of Income Tax [2010 -TMI - 75644 - PUNJAB & HARYANA HIGH COURT], the matter is decided against of revenue - Hence, the appeal is dismissed. - I.T. .....

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..... nt made. However, the Commissioner of Income Tax invoked the jurisdiction under Section 263 and directed a fresh assessment on the ground that addition made was only of Rs.10 lac, while bogus purchases were of much higher amount. On appeal by the Assessee, the said order was set aside. It was observed that the surrendered amount was finalised in the presence Commissioner of Income Tax and Addition .....

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