ORDER

Leave granted.

2. The challenge in the present appeal is to the judgment and order dated 20th March, 2012 in Writ Appeal No.1611 of 2008 passed by the Division Bench of the High Court of Karnataka at Bangalore reversing the judgment and order of the learned single judge dated 10th September, 2008 passed in Writ Petition No.10507 of 2007. The learned single judge, it may be noticed, had dismissed the writ petition filed by the Assessee against the revisional order upholding the order of assessment insofar as addition of an amount of Rs. 2,72,19,285/- is concerned, which was claimed by the Assessee as being legally liable for deduction. The learned Commissioner of Income Tax (C.I.T.) in coming to the impugned finding had recorded as follows:

"Regarding the addition relating to trade creditors, the records establish that the assessee has shown sudden in trade creditors without any significant transactions of purchases during the year. Obviously, there cannot be trade creditors without matching transactions. The investigation carried out by the A.O. exposed the modus operandi of the assessee. It is claimed before the A.O. that crop loans were raised in the names or planters within t