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Documents citing Commissioner Of Income Tax vs Sri Padmavathi Cotton Mills. on 20 March, 1997

The Commissioner Of Income-Tax vs K. Dadakhan on 4 December, 2002

11. Learned counsel for the assessee relied on the judgment of this Court in COMMISSIONER OF INCOME-TAX VS. SRI PADMAVATHI COTTON MILLS (1999) 236 ITR 340 to sustain the argument that the sale consideration stated in the agreement of sale is inflated one. That was a case, in which the assessee had declared a higher quantity of closing stock to the bank for the purpose of securing a loan than the one accounted in the books of accounts and returned in the returns filed by the assessee. In the facts and circumstances of that case, the Tribunal came to the conclusion that the closing stock declared in the return filed by the assessee was based on the books of accounts and having found so, the Tribunal accepted the closing stock declared to the Bank for the purpose of obtaining a loan is an inflated one. In that case, there are materials to prove that the assessee had declared to the bank an inflated closing stock for the purpose of getting loan and on facts it has been found that the returned closing stocks are in conformity with the books of accounts. But in the facts of the present case, there is no such material available to prove that the agreement consideration was inflated for the purpose of obtaining loan. There is absolutely no iota of evidence to prove the said contention. Hence the above said judgment, in our considered view, is not applicable to the facts of the present case.
Madras High Court Cites 2 - Cited by 0 - K R Pandian - Full Document
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