J.K. Ranka, J. - (1.) BOTH these income -tax appeals under section 260A of the Income Tax Act, 1961 (for short, Income Tax Act) are directed against the order of the Income -tax Appellate Tribunal, Jaipur Bench B, Jaipur (for short, Tribunal) in ITA No. 554/Jp/2007 and ITA No. 555/Jp/2007, both dt. 20 -3 -2009 and relate to the assessment year 2002 -03.
(2.) SINCE the controversy involved is identical, both these income -tax appeals are being decided by this common order. The brief facts, as emerging on the face of record, are that the respondent -assessee (Narendra Mohan Mathur), while carrying on business in the name of M/s. Trade Links, Gem Enterprises and M/s. Ajanta Enterprises respectively, had certain liabilities in the shape of sundry creditors to the tune of Rs. 15,38,282, Rs. 20,16,695 and Rs. 12,60,381 in the books of M/s. Trade Links, Gem Enterprises and M/s. Ajanta Enterprises respectively.
(3.) THESE liabilities came to be examined in the assessment year, 2005 -06 and the respondent -assessee was directed to verify the credit entries appearing in the balance sheet of the proprietary concern, referred to hereinabove.;