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2019 (12) TMI 92

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..... 017 passed by the CIT (A), Ajmer, it was found that address of both the companies was same. When the Inspector went to the disclosed addresses of the companies, it was found that the premises was a seven storied old building having many offices and residential flats. The creditor companies were not found at the disclosed addresses. No signboards or letter-boxes in the names of creditor companies were found at the given address. The room was found locked. Inspector had met various persons in the vicinity and no person could state the existence and business activities of both the companies. During the course of arguments, learned counsel for the appellant had stressed that the creditor companies were also being assessed under the Income Tax A .....

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..... led his Income Tax Return on 19.9.2012 for Assessment Year 2012-13 declaring total income of ₹ 1,86,260/-. The case of the appellant-assessee was taken-up for scrutiny and notice under Section 143(2) of the Income Tax Act, 1961 (hereinafter to be referred as the Act ) was issued. One of the issue raised by the Assessment Officer was that during the course of assessment proceedings, it had transpired that the assessee had taken unsecured loans from two different companies. From one company, namely Tanish Tradecom Pvt. Ltd. (hereafter referred to as TTPL ), loan of Rupees Two Crores was taken, whereas, from other company namely M/s. Punit Oils and Chemicals Pvt. Ltd. (hereinafter referred to as POCPL ) a loan to the tune of Rupees One C .....

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..... . It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index number was in the file of the Revenue. The Revenue, apart from issuing notices under Section 131 at the instance of the assessee, did not pursue the matter further. The Revenue did not examine the source of income of the said alleged creditors to find out whether they were credit-worthy or were such who could advance the alleged loans. There was no effort made to pursue the so called alleged creditors. In those circumstances, the assessee could not do any further. In the premises, if the Tribunal came to the conclusion that the assessee had discharged the burden that lay on him then it could not be said that such a conclusion was unreason .....

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..... of both the companies was same. When the Inspector went to the disclosed addresses of the companies, it was found that the premises was a seven storied old building having many offices and residential flats. However, the creditor companies were not found at the disclosed addresses. No signboards or letter-boxes in the names of creditor companies were found at the given address. The room was found locked. Inspector had met various persons in the vicinity and no person could state the existence and business activities of both the companies. During the course of arguments, learned counsel for the appellant had stressed that the creditor companies were also being assessed under the Income Tax Act. The documents shown by the learned counsel for .....

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