2012 (3) TMI 541

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....nt : Sri. M. V. Sheshachala ADV For RI AND R2 K. L. Manjunath J. JUDGEMENT The appellant who was the petition in Writ Petition No. 10507/2007 is questioning the legality and correctness of the order passed by the learned single Judge. 2. The facts leading to this case are as hereunder: The appellant is company. Appellant is assessed to Income tax for the year 2003-04. Appellant file....

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....ng Officer did not consider the borrowing made by the appellant on the ground that the lenders have not reflected the loan given to the appellant company in the books of accounts. According to him if the lenders have not shown in the books of accounts and if the appellants are not able to prove the loan availed from its creditors it is for the authority to consider the source of income and pass an....

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.... 37 persons through account payee cheques and the same is reflected in the accounts of the appellant, it is for the Assessing Officer to issue notice to the creditors of the appellant and find out whether such payment is made by them or not. According to the learned counsel for the Revenue, the aforesaid 37 persons had borrowed loan from the bank and the same is reflected in the accounts of the ap....