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?”
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An Error: To correct and be read, -..made by the HC, adverse to the itat, …
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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.