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Chandi Ram And Ors. vs Cit on 25 February, 2008

3. Before us, the Ld. A.R. pointed out that assessment in the case of Shri J.H. Maniyar was re-opened and it has now been ultimately decided by the Nagpur Bench of the Tribunal. The Ld. A.R. submitted that the income of Shri Maniyar has been assessed for all the years under appeal at Rs. 23.71 Crores as against amount advanvced to Malu family of Rs. 13.72 Crores. He submitted that Shri Maniyar remained financially capable of advancing of loan in question to the assessee group. There was no dispute about the identity of Shri Maniyar. The money advanced by him was through normal banking channels and he has affirmed the claimed advances made by him. The Ld. A.R. also cited decision of Hon'ble Kerala High Court in the case of Lata Chandi Vs. CIT (2003), 260 ITR 385 holding that appeal lies against the protective assessment.
Punjab-Haryana High Court Cites 22 - Cited by 4 - S K Mittal - Full Document
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