TaxTMI 
TaxTMI 
2016 (8) TMI 1011
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....ch of the High Court of Karnataka at Bangalore reversing the judgment and order of the learned single judge dated 10th September, 2008 passed in Writ Petition No.10507 of 2007. The learned single judge, it may be noticed, had dismissed the writ petition filed by the Assessee against the revisional order upholding the order of assessment insofar as addition of an amount of Rs. 2,72,19,285/- is concerned, which was claimed by the Assessee as being legally liable for deduction. The learned Commissioner of Income Tax (C.I.T.) in coming to the impugned finding had recorded as follows: "Regarding the addition relating to trade creditors, the records establish that the assessee has shown sudden in trade creditors without any significant transact....
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....e is no cause for interference in the present proceedings to approve the findings of the excellent investigation carried out by A.O." The aforesaid view was upheld by the learned single judge in the writ petition by observing as follows: "6. The material on record discloses that the crop loan was raised in the names of planters within the family circle hailing from Chennai purportedly owning some estates. The loans raised by them from the Bank where the assessee also operated its bank accounts were claimed to be given to the assessee. These crop loans applications were prepared and signed by none other than the top man in the management of the assessee. The crop loan accounts in the Bank was operated by the same persons. In the records ....