TMI Blog1985 (9) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... in his accounts the amounts of Rs. 10,000, Rs. 20,000 and Rs. 10,000 credited in the names of (i) Messrs. Tola Singh Sohan Singh, (ii) Messrs. Bhagwan Dass Sant Parkash, and (iii) Messrs. Vashu Mal Ram Lal. The confirmatory letters of the creditors filed by the assessee were duly considered by the Income-tax Officer and having been satisfied, he treated the said credits to be genuine. Later on, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Bhagwan Dass Sant Parkash, but restored the order of the assessing authority qua the amount of Rs. 10,000 appearing in the name of Messrs. Vashu Mal Ram Lal. On an application made by the assessee, the Tribunal referred the following question under section 256(1) of the Act for our opinion: " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holdi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts necessary for its assessment. Information was gathered by the Income-tax Officer that the creditors in question are merely name-lenders and they are dealing in hawala business. It is on the basis of this information which he gathered from the cases of the other parties who had dealt with these creditors, reassessment proceedings were started. We do not agree with the view of the Appellate Assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... started the reassessment proceedings. We, therefore, reverse the finding of the Appellate Assistant Commissioner in this regard. " It is not necessary to enter into any detailed discussion on the point involved as the same stands squarely covered by the decision of the Supreme Court in ITO v. Lakhmani Mewal Das [1976] 103 ITR 437 and of this court in Jai Singh v. CIT [1982] 136 ITR 895. In both ..... X X X X Extracts X X X X X X X X Extracts X X X X
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