ITAT remanded the matter as assessee failed to explain holding of two PAN

Bundelkhand Ispat Melting Pvt. Ltd. Vs ITO (ITAT Agra)

As a result of search and seizure operation AO observed that assessee received unsecured loan of Rs. 28,00,000/- which he held as undisclosed income of the assessee. Case was reopened and statutory notices were issued, for which no compliance was made by the assessee. Penalty proceedings u/s 271 (1) (b) were initiated, for which no compliance was made by the assessee. AO made addition of Rs. 28 Lakh as undisclosed income and further added Rs. 70,000/- as commission paid for providing accommodation entry.

On appeal CIT (A

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