COMMISSIONER OF INCOME TAX Vs. MODERN ENGINEERING WORKS

JUDGEMENT

(1.) THE Revenue, a search was carried out in the premises of the assessee and several documents were recovered relating to loans totalling Rs. 43,86,325 which, according to the Revenue were not disclosed by the assessee.

(2.) THE CIT(A) as well as the Tribunal have concurrently found that the loans were disclosed by the assessee not only in the audit reports and balance -sheets but were also mentioned in the regular returns of income for the asst. yrs. 1992 -93 to 1997 -98 with the assessee giving details of the names, addresses and amount of loan from each depositor.

(3.) UNDER the circumstances, it can hardly be said that the loans were not disclosed.