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Case Law Details

Case Name : Mangi Lal Sethia Vs Income Tax Officer (ITAT Kolkata)
Related Assessment Year :
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AO has framed the assessment under section 147 of the Act as he believed that the loan taken by the assessee has not been shown in balance sheet. From the record and documents submitted it is very much clear that the claim of the assessee that the loan has been repaid during the same financial year is correct. But a careful analysis shows that the loan was not repaid to the party directly but to the creditors of the party. However it does not make any difference in the accounting books and balance sheet. Any way if we see the provisions of the law to reopen the

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