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TMI Blog2012 (1) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... Upadhaya,S Chopra The present income tax appeal filed under section 260-A of the Income Tax Act 1961 (hereinafter referred to as the Act) has been admitted on the following substantial question of law, said to be arising out of the order dated 16.8.2002 passed by the Income Tax Appellate Tribunal Delhi: "Whether on the facts and in the circumstances of the case the learned ITAT ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts of M/s Vardhman Trading Company which the assessee categorically declined and expressed his inability. The assessee was asked to prove the genuineness of the loan taken from M/s Vardhman Trading Company. One Shri Manoj Jain appeared before the assessing officer and produced the books of accounts of M/s Vardhman Trading Company. He claimed himself to be the Manager. He admitted having giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; We have heard Shri Shambhu Chopra learned Senior Standing Counsel appearing for the Revenue and perused the three orders passed by the authorities below including that of the Tribunal. Shri Chopra submitted that on enquiry M/s Vardhman Trading Company was found to be a non existing firm as the summons issued to the three partners of the said firm returned back undelivered. Further a sum of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oks of accounts. M/s Vardhman Trading Company is an income tax assessee. The books of accounts produced by Shri Manoj Jain, Manager of the said firm had been impounded and shows debtors numbering 32 of the aggregate sum of Rs. 97,06,704.17 and creditors at Rs. 64,60,100.06 showing a net balance of Rs. 32,46,604.11. The said firm had bank account with State Bank of India and also a telephone connec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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