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2019 (12) TMI 92

..... e had explained in assessment proceedings that he had taken loan of Rupees Two Crores from TTPL and a loan of Rupees One Crore from POCPL. As during the course of assessment proceedings, it transpired that the said companies were not genuine. The Inspector, Income Tax, had made verification with regard to genuineness of creditor companies. As per the report of the Inspector, reproduced in the order dated 20.11.2017 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. N .....

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..... -2019 - Mrs. Justice Sabina And Mr. Justice Abhay Chaturvedi For the Appellant(s) : Mr. Javed Khan, Advocate JUDGMENT/ORDER Appellant has filed this appeal challenging the order dated 14.5.2019 passed by the Income Tax Appellate Tribunal, Jaipur. The case of the appellant, in brief, is that the appellant-assessee was an individual and proprietor of a firm M/s. Vinod Steels . The appellant-assessee had filed 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 th .....

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..... r while holding that the creditor companies were not genuine. In support of his arguments, learned counsel for the appellant has placed reliance on a decision of the Hon ble Supreme Court in Commissioner of Income Tax, Orissa v. Orissa Corporation (P) Ltd., (1986) 159 ITR 78 (SC), wherein it has been held as under:- 13. In this case the assessee hart given the names and addresses of the alleged creditors. 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 credi .....

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..... loan of Rupees One Crore from POCPL. However, during the course of assessment proceedings, it transpired that the said companies were not genuine. The Inspector, Income Tax, had made verification with regard to genuineness of creditor companies. As per the report of the Inspector, reproduced in the order dated 20.11.2017 passed by the Commissioner of Income Tax (Appeals), 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. However, the creditor companies were not found at the disclosed addresses. No signboards or letter-boxes in the names of creditor comp .....

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