2012 (9) TMI 629

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....rma, Adv. Ms. Anu Gupta, Adv. Mr. Sanjeev Kumar Sharma, Adv. For Respondent : Mr. R.P. Bhatt, Sr.Adv. Mr. Fuzail A. Ayyubi, Adv. Mr. Vikas Malhotra, Adv. Ms. Anil Katiyar, Adv. for Mr. B.V. Balaram Das, Adv. JUDGEMENT Heard learned counsel on both sides. In the present case, the assessee took loan from Citi Bank N.A. to buy a hotel [capital asset]. Default was committed in re-payment o....

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....the Income Tax Act, 1961, against the assessee. It is true that, in the Books of Accounts of the assessee, the outstanding amount, as on 30th April, 1982, was Rs.52,07,873/-, including interest. However, the decree in favour of the Bank was for Rs.42,45,477/- because that was the amount indicated as the outstanding amount due and payable by the assessee to the Bank in its Books of Account. It appe....