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Commissioner of Income Tax & Anr. Versus Karnataka Planters Coffee Curing Work (P) Ltd.

2016 (11) TMI 893 - SUPREME COURT

Addition u/s 68 - Held that:- 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 Asse .....

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f 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 - MR. RANJAN GOGOI AND MR. PRAFULLA C. PANT JJ. Mr. A.N.S. Nadkarni, ASG, Ms. Shirin Khajuria, Adv., Ms. Shweta Garg, Adv. and Mrs. Anil Katiyar, Adv. for the Petitioners .....

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judge, it may be noticed, had dismissed the writ petition filed by the Assessee against 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 sud .....

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s 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 .....

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al support could not be substantiated. In my view, there is no cause for interference in the present proceedings to approve the findings of the excellent investigation carried out by A.O. The aforesaid view was upheld by the learned single judge in the writ petition by observing as follows: 6. The material on record discloses 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 .....

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nt to the asessee. Even the assessee accounts 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 c .....

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