TMI Blog2016 (11) TMI 893X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 certainly not preclude the Court from judging the validity and correctness of the order of the Division Bench of the High Court. For the reasons stated, we cannot uphold the order of the Division Bench passed in the Writ Appeal in question. Consequently, we allow this appeal and set aside the order of the Division Bench and consequently all further orders passed pursuant thereto. - Civil Appeal No. 8219 OF 2016 - - - Dated:- 22-8-2016 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised in the names or 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. The investigation further revealed that these crop loan applications were prepared and signed by none other than the top man in the management of the assessee. On top of it, the crop loans accounts in the bank were also operated by the same person from the assessee. When the investigation arm was extended to Chennai and some details were collected about these so-called estate owners, no such accounts appear in their records. Besides, the nexus of their sacrificial loans to bail out the assessee could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts also did not disclose the receipt of the said amount from those account holders. It is only at the time of investigation when he was asked the source of this income, he pointed out that the said amount has come from transfer of amounts of the very same Bank account. It is in that context, a detailed investigation was made and it was found out that it is a clear instance of creation of accounts by way of name lending, a fraudulent practice. In those circumstances, the revisional authority was justified in rejecting the case of the petitioner and upholding the assessment order. In that view of the mater, I do not find any merit in this petition. Accordingly, it is dismissed. 3. From the above, it would transpire that both the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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