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The Acit, Circle-2(1)(2),, Ahmedabad vs Jas Infra Space Private Ltd.,, ... on 28 January, 2022
cites
Section 133A in The Income Tax Act, 1961 [Entire Act]
Section 69B in The Income Tax Act, 1961 [Entire Act]
Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 37 in The Income Tax Act, 1961 [Entire Act]
Section 292C in The Income Tax Act, 1961 [Entire Act]
Section 34 in The Indian Evidence Act, 1872 [Entire Act]
The Income Tax Act, 1961
The Advocates Act, 1961
Dhansiram Agarwalla vs Commissioner Of Income-Tax on 27 November, 1992
71. We also note that the Ld. CIT-A has made the reference to the judgment of
Hon'ble Gujarat High Court in the case of Dhansiram Aggarwal vs. CIT reported in
201 ITR 192 while confirming the order of the AO in part. However, the facts of
those case are distinguishable from the facts of the present case. In the case of
Hon'ble Gujarat High Court, there was the reports which were submitted to the
bank whereas in the case on hand, it is no discernible that any information was
furnished to the bank for the purpose of loan. Furthermore, when the assessee
approaches to a bank for the purpose of the loan, he has to furnish the details in a
proper manner in the form of the project report containing the details of sales,
purchase, capital employed, turnover ratio, debt recovery ratio, current ratio, debt
ratio etc. But in the case on hand there was a loose paper containing the figure of
construction cost which the assessee had made for the purpose of the bank loan.
Such information was improperly written on a piece of paper which is nothing but
a dumb documents. Therefore, it cannot be said that such information was
furnished to the bank.