BHAGWATI PRASAD KEDIA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal is directed against the judgment of the learned Tribunal dated January 24, 2000.

(2.) The basic issue raised by the appellant in this appeal is whether the genuineness of the loan in question can be considered under the block assessment, though the loan in question has been duly accounted for in the regular books of account found" during the time of search.

(3.) The assessee being an individual obtained loan from a limited company under the Companies Act, 1956, who is also an assessee under the said Act, 1961, There had been search and seizure resulting in block assessment of the assessee. During the block assessment, the assessee was called upon to explain the advance taken, the assessee has filed the confirmation letter of loan including its income-tax file numbers of the creditor of the limited company which advanced the loan to the assessee.