income tax

When the assessee presented the financial position of the assessee  

as in the balance-sheet of July 18, 2005, the assessee could no longer resile from 

such position. It was then open to the Assessing Officer and the income tax 

authorities to pin the assessee down on the basis of the assessee’s representation 

contained in the earlier balance-sheet and the reasoning indicated in the quoted 

paragraph by the Appellate Tribunal does not call for any interference. Indeed, 

the Appellate Tribunal may only be faulted for not reporting Roy Ghosh and 

Associates to the Institute of Chartered Accountants for having apparently 

abetted in the commission of a colossal act of misrepresentation which the 

appellant assessee undertook before his bankers for the purpose of obtaining 

credit facilities by indicating a financial position that was not warranted by the 

books of the assessee. 

In the light of the above, ITAT No.22 of 2015 and GA No.436 of 2015 

are dismissed with costs assessed at Rs.10,000/- to be paid to the Department 

within four weeks from date. 

The Registrar, Original Side will forward a copy of this order to the 

Institute of Chartered Accountants of India for appropriate steps, if thought fit,  

to be taken against Roy Ghosh and Associates of NTE-206, Chandini Chowk, 

Golebazar, Kharagpur in accordance with law and upon due notice to such firm 

of Chartered Accountants.

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