TaxTMI 
TaxTMI 
2019 (5) TMI 1115
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.... Sarim Textiles, Malegaon and is engaged in the business of purchase and sale of yarn on wholesale basis. The assessee filed his return of income for the impugned assessment year on 30-09-2011 declaring total income of Rs. 13,34,397/- and agricultural income of Rs. 1,22,283/-. The case of the assessee was selected for scrutiny. Consequently, statutory notice u/s. 143(2) was issued to the assessee on 25-09-2012. During the course of assessment proceedings, the Assessing Officer inter alia observed that the assessee has shown unsecured loans. The Assessing Officer issued separate notices u/s. 133(6) to all the unsecured creditors seeking information viz. source of income along with evidence, total amount of loan given to the assessee, b....
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....ncome, Balance Sheet, etc. The Assessing Officer after examining the same was satisfied with the creditworthiness and genuineness of the loan transactions and hence made no additions. The ld. AR submitted that the copy of notice issued to unsecured creditors and confirmations filed by them along with the Income Tax returns and bank details are at pages 55 to 202 of the paper book. This clearly shows that the Assessing Officer had applied his mind and after being satisfied with the explanation furnished by the assessee and confirmations details furnished by lenders made no addition with regard to unsecured loans. The ld. AR further pointed that while completing assessment u/s. 143(3) for assessment year 2009-10 the Assessing Officer had s....
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....bay); iii. Commissioner of Income Tax Vs. M/s. Shreepati Holdings & Finance Pvt. Ltd. in Income Tax Appeal No. 1879 of 2013 decided by Hon'ble Bombay High Court vide order dated 05-10-2015; iv. DLF Commercial Developers Ltd. Vs. Commissioner of Income Tax, 49 taxmann.com 487 (Delhi-Trib.). 3.3 The ld. AR submitted that after having conducted detailed enquiries if the Assessing Officer has not mentioned the same in the assessment order, the assessee should not be panelized. It is not within the control of assessee to direct the Assessing Officer to draft assessment order giving all the details. The ld. AR asserted that at the most it can be a case of inadequate enquiry but not lack of enquiry. It is a well settled law th....
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....of Income Tax has invoked revisional jurisdiction u/s. 263 after having forming opinion that the Assessing Officer has failed to make proper enquiry with respect to unsecured loans reflected in the books of assessee. The Pr. Commissioner of Income Tax in the impugned order has pointed specific instances where the lenders have common addresses raising an eye of suspicion and also creditworthiness of lenders has not been verified by the Assessing Officer. 6. A perusal on records reveal that the Assessing Officer during the course of scrutiny assessment proceedings has issued questionnaire to the assessee on 01-07-2013 inter alia seeking information with respect to unsecured loans amounting to Rs. 1,46,48,773/-. The Assessing Officer has is....