2023 (9) TMI 1319

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....shek Maratha, Sr. Standing Counsel. RAJIV SHAKDHER, J.: (ORAL) CM No.44307/2023 1. Allowed, subject to just exceptions. W.P.(C) 11385/2023 & CM APPL. 44306/2023 [Application filed on behalf of the petitioner/appellant seeking interim relief] 2. Issue notice. 2.1 Mr Abhishek Maratha, learned senior standing counsel, accepts notice on behalf of the respondent/revenue. 3. Mr Maratha says t....

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....which is levelled against the petitioner is that he is a beneficiary of an accommodation entry provided by one Mr Bajrang Lal Periwal, via a company going by the name BKR Capital Pvt. Ltd. [hereafter referred to as, "BKR"]. 7. It is alleged that the petitioner has taken a fictitious loan amounting to Rs. 40,00,000/- from BKR. 7.1 The respondents / revenue suggest that BKR is controlled by Mr Baj....

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....ioner has furnished copies of the Income Tax Return (ITR) of BKR, confirmations/ledgers of accounts and, and bank statements. 10. We have perused the reply dated 03.03.2023 filed on behalf of the petitioner. The reply is not happily worded, in as much as the petitioner has made the following assertion: "The said receipt of Rs. 40,00,000/- does not represent loan taken from M/s BKR Capital Priva....

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....at income amounting to Rs. 40,00,000/- had escaped assessment without providing the necessary basis in support of the application. 12. In our view, the best way forward would be to dispose of the writ petition with the following directions: (i) Since the principal allegation levelled against the petitioner is that he had availed a fictitious loan of Rs. 40,00,000/- from BKR, the AO will furnish....