2018 (1) TMI 449

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....t"). 3. The brief facts of the case as emanating from records are: The assessee company is engaged in the business of buying and selling nonagriculture plots, development and construction. During scrutiny assessment proceedings for assessment year 2010-11, the Assessing Officer inter alia observed that the assessee has outstanding unsecured loans to the tune of Rs. 1,31,69,930/-. The list of persons from whom the assessee has allegedly taken loans are as under : Sr. No. Name Opening Balance Accepted During the year Closing Balance 1 Asif Ali Nigar 0 2750000 2750000 2 Balu Daware 0 100000 100000 3 Bhanudas Chuadhari 905000 1875000 2780000 4 Dhananjay Marathe 1699933 2....

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....ing the confirmations filed by various creditors. The ld. AR submitted that in the case of Bhanudas Chaudhari, Dhananjay Marathe, Madhuri Dhananjay Marathe and Sunita Bhanudas Chaudhari the assessments were reopened and the Assessing Officer has accepted the availability of funds. The other creditors are mostly agriculturists. The assessee had furnished 7/12 extracts in respect of all such creditors and had also provided Assessing Officer with PAN of majority of the creditors. The assessee had also furnished confirmations from them. The ld. AR contended that if an opportunity is granted, the assessee would furnish all the necessary documents before the authorities below to prove creditworthiness of the creditors. 5. On the other hand Shr....

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....na 5,00,000 9 Sunita Bhanudas Chaudhari 1,00,000 10 Vinayak Yeola 1,50,000 11 Vishwanath Jadhav 2,50,000 7. It has been contended before us that in reassessment proceedings in the case of Bhanudas Chaudhari (Sr. No.3), Dhananjay Marathe (Sr. No.4), Madhuri Dhananjay Marathe (Sr. No.6) and Sunita Bhanudas Chaudhari (Sr. No.9), the Assessing Officer has accepted the source of funds. However, the assessment order in the case of above said persons were not placed on record by the ld. AR. In respect of other creditors it has been contended that they are agriculturists and the assessee would furnish all the relevant documents for re-verification, if an opportunity is granted. It is pertinent to mention here that d....