return
(in Rs.)
Accommodation entries in the form of unsecured loan shown from/ entry provider/ bogus LTCG
Bogus LTCG/ STCG/ Commission added under Sections ... Neil Industries Ltd.
Rs.3,67,59,615/- (bogus unsecured loan and interest)
+
Rs.42,05,902/- (bogus unsecured loan and interest
September 19, 2008 respectively.
In the said notices, details of unsecured loans
received by the petitioner were required to be
furnished. Yet another notice under ... respondent had been furnished, which included
the details of unsecured loans vide
communication dated November 27, 2008.
1.2 Yet another notice dated December
assessment order without making
inquires / verification in the light of the unsecured loans of Rs. 2.49
Crores received from M/s. Georgette Tradecom ... assessment order dated 14th March 2016.
3.2 The respondent company received unsecured loans from M/s.
Georgett Tradecom Pvt Ltd and M/s. Purba Agro
balance of 2,00,000 by the issue of unsecured loan stock of that amount bearing interest at 6% per annum. For the assessment year ... assessment year 1964-65 the interest paid in respect of the unsecured loan stock by the Indian company to the petitioner each year was allowed
record held that the assessee had paid the interest on
unsecured loans at a higher rate to his family members as compared to the
others ... partly allowed the appeal by increasing the rate of interest on unsecured
loans from 12% to 15%. Still not satisfied, the assessee filed appeal before
second agreement providing that respondent No. 1 shall being in unsecured loans/deposits in addition to the loans of the institutions to the extent ... entitled to recall the loan under these clauses also.
32. Clause 10.1(I) of the loan agreements says that the loan could be recalled
shares at Rs. 10/- (Rupees ten only) each by converting unsecured loans brought in by him. The Board of Directors of the third respondent accordingly ... unsecured loans, conversion of the same into shares, guarantee to IDBI for the repayment of loans, pledge of shares till repayment of loans and obligation
respectively, to the respondent-company. This was admittedly given as an unsecured loan. They had, however, option to convert the unsecured loan into shares ... calling themselves as unsecured creditors by invoking Section 433 of the Companies Act, 1956. The contention that the petitioners gave unsecured loans is belied
escaped assessment. He submits that all relevant facts including details of unsecured loans were mentioned in the Income-tax return hence, the Income Tax Officer ... loans of more than Rupees seventeen lakhs claimed by the assessee, loans totalling Rs. 11,15,275/- were not established to be genuine loans
contrary, the petitioner had shown the same as unsecured loan.
The learned senior advocate for the petitioner submitted that the
said observation of the respondent ... loss
account. He submitted that merely, the petitioner had shown
unsecured loans of Rs.15,25,68,165/-, would not mean that the
petitioner
