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TMI Blog2019 (12) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.11.2017 passed by the CIT (A), Ajmer, it was found that address of both the companies was same. When the Inspector went to the disclosed addresses of the companies, it was found that the premises was a seven storied old building having many offices and residential flats. The creditor companies were not found at the disclosed addresses. No signboards or letter-boxes in the names of creditor companies were found at the given address. The room was found locked. Inspector had met various persons in the vicinity and no person could state the existence and business activities of both the companies. During the course of arguments, learned counsel for the appellant had stressed that the creditor companies were also being assessed under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant-assessee was an individual and proprietor of a firm M/s. Vinod Steels . The appellant-assessee had filed his Income Tax Return on 19.9.2012 for Assessment Year 2012-13 declaring total income of ₹ 1,86,260/-. The case of the appellant-assessee was taken-up for scrutiny and notice under Section 143(2) of the Income Tax Act, 1961 (hereinafter to be referred as the Act ) was issued. One of the issue raised by the Assessment Officer was that during the course of assessment proceedings, it had transpired that the assessee had taken unsecured loans from two different companies. From one company, namely Tanish Tradecom Pvt. Ltd. (hereafter referred to as TTPL ), loan of Rupees Two Crores was taken, whereas, from other company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sa Corporation (P) Ltd., (1986) 159 ITR 78 (SC) , wherein it has been held as under:- 13. In this case the assessee hart given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index number was in the file of the Revenue. The Revenue, apart from issuing notices under Section 131 at the instance of the assessee, did not pursue the matter further. The Revenue did not examine the source of income of the said alleged creditors to find out whether they were credit-worthy or were such who could advance the alleged loans. There was no effort made to pursue the so called alleged creditors. In those circumstances, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uine. The Inspector, Income Tax, had made verification with regard to genuineness of creditor companies. As per the report of the Inspector, reproduced in the order dated 20.11.2017 passed by the Commissioner of Income Tax (Appeals), Ajmer, it was found that address of both the companies was same. When the Inspector went to the disclosed addresses of the companies, it was found that the premises was a seven storied old building having many offices and residential flats. However, the creditor companies were not found at the disclosed addresses. No signboards or letter-boxes in the names of creditor companies were found at the given address. The room was found locked. Inspector had met various persons in the vicinity and no p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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