2006 (1) TMI 537

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....in both the years related to disallowance of debt claimed by the assessee on account of funds availed from overdraft account of Punjab & Maharashtra Co-op. Bank Ltd., Sion Branch. 3. The brief facts of the case are that, during the years under consider-ation, the assessee had purchased two motor cars, against which it has availed loan from Kotak Mahindra Ltd., and overdraft amount from Punjab & Maharashtra Co-op. Bank Ltd. As the corresponding liability, against the motor cars was equal to the amount of value of motor cars, the assessee showed nil taxable wealth on motor car account. There is no dispute with regard to loan availed from Kotak Mahindra Ltd. However, with respect to cheques issued out of overdraft facility availed by the as....

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....ative relied on the orders of the lower authorities. 8. We have considered the rival contentions and carefully gone through the orders of the lower authorities and also deliberated upon the case laws cited by the learned Authorized Representative, in the factual matrix of the instant case. We had also carefully gone through the paper book placed on the file which is certified to be containing documents placed before the Assessing Officer and the learned CWT(A). From the paper book we found that as per overdraft account maintained by the assessee at Punjab and Maharashtra Co-op. Bank Ltd., cheques were issued for purchase of cars which lead to increase the liability of the assessee in the overdraft account. We had also gone through the re....