TMI Blog2022 (10) TMI 376X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Court. All the matters relating to determination of the issue as to whether the cash credits resulting from the loans allegedly given by R.Srinivasan, are genuine. It is appropriate that the aforesaid issue be decided by the appellate authority, who would have the requisite mechanism to call for various relevant details and determine the facts in a proper manner. Petitioners draws attention to the fact that the notice received prior to finalisation of the impugned assessment had granted only two days for filing of reply. The notice is dated 24.12.2019 and calls for a reply to be filed on 26.12.2019. On 26.12.2019, the petitioner has written to the Department asking for various documents relied upon in notice dated 24.12.2019 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding Counsel ORDER Heard Mr.P.V.Sudakar, learned counsel for the petitioner and Mr.ANR.Jayaprathap, learned Junior Standing Counsel for the respondents. The petitioners challenge orders of assessment for Assessment Year (AY) 2012- 13 passed on 28.12.2019 in terms of the provisions of the Income Tax Act, 1961 (in short 'Act'). 2. The crux of the assessment is the assessability or otherwise of a sum of Rs.10 lakhs that is claimed to have been received as a loan from one Mr.R.Srinivasan during financial year (FY) 2011-12. The assessment of the petitioner has been re-opened based on a verification of the bank account statement of the said R.Srinivasan that revealed substantial cash credits. 3. The assessment of R.Sriniv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 27.04.2022, a learned Single Judge of this Court dismissed the writ petition, granting liberty to the petitioner company to file a statutory appeal within a time frame fixed by the Court. A Writ Appeal was filed as against the aforesaid order in W.A.No.1850 of 2022 that has also come to be dismissed by the Division Bench on 25.08.2022. 8.Thus, it is clear that all the matters relating to determination of the issue as to whether the cash credits resulting from the loans allegedly given by R.Srinivasan, are genuine. It is appropriate that the aforesaid issue be decided by the appellate authority, who would have the requisite mechanism to call for various relevant details and determine the facts in a proper manner. 9.Learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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