Case Law Details
Case Name : Binod kumar agarwala Vs Commissioner of income tax (Calcutta High Court)
Related Assessment Year :
Courts :
All High Courts Calcutta High Court
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Binod kumar agarwala Vs CIT(Calcutta High Court)
The Court : The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.
The question of law framed on behalf of the appellant-assessee is as follows:
“Whether any addition to income can be made on the basis of balance-sheet and profit and loss accounts certified to have been prepared on estimate basis to avail bank loan and having no relation with the actual?”
Implicit in the question is that it is not the Income Tax Appellate Tribunal’s business if the assessee has committed fraud...
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An Error: To correct and be read, -..made by the HC, adverse to the itat, …
IMPROMPTU
Some of the disparaging observations made by the itat , prima facie not without justification, are quite serious , with far-reaching consequences. Especially,those are of every relevance, to be made a conscious note of, and acted upon to bring about significant improvement, in the context of the ongoing discussions concerning the mandated TAR requirement.