TMI Blog2016 (8) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... rrently by the authorities under the Act and also in the first round of the writ proceedings by the learned single judge are not to be lightly disturbed. In the present case, in the face of the clear findings that the loan applications were processed by the Officers of the Assessee and the loan transactions in question of the aforesaid 37 persons were also handled really by the Assessee and further in view of the categorical finding that the loan amounts were not reflected in the returns of the 37 persons in question, we do not see how the High Court could have taken the above view and remanded the matter to the Assessing Officer. It has been pointed out before us that pursuant to the impugned order passed by the Division Bench of the H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the revisional order upholding the order of assessment insofar as addition of an amount of ₹ 2,72,19,285/- is concerned, which was claimed by the Assessee as being legally liable for deduction. The learned Commissioner of Income Tax (C.I.T.) in coming to the impugned finding had recorded as follows: Regarding the addition relating to trade creditors, the records establish that the assessee has shown sudden in trade creditors without any significant transactions of purchases during the year. Obviously, there cannot be trade creditors without matching transactions. The investigation carried out by the A.O. exposed the modus operandi of the assessee. It is claimed before the A.O. that crop loans were raised in the names or plante ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iscloses that the crop loan was raised in the names of planters within the family circle hailing from Chennai purportedly owning some estates. The loans raised by them from the Bank where the assessee also operated its bank accounts were claimed to be given to the assessee. These crop loans applications were prepared and signed by none other than the top man in the management of the assessee. The crop loan accounts in the Bank was operated by the same persons. In the records of the said estate owners, his bank transaction is not reflected. In fact though all those accounts holders are also income tax assessees, the returns did not disclose the payment of the aforesaid amount to the asessee. Even the assessee accounts also did not disclose t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of the Assessee and the loan transactions in question of the aforesaid 37 persons were also handled really by the Assessee and further in view of the categorical finding that the loan amounts were not reflected in the returns of the 37 persons in question, we do not see how the High Court could have taken the above view and remanded the matter to the Assessing Officer. It has been pointed out before us that pursuant to the impugned order passed by the Division Bench of the High Court fresh assessment proceedings have been finalized by the Assessing Officer. The said exercise has been done in the absence of any interim order of this Court. However, merely because fresh assessment proceedings has been carried out in the meantime it would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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