2012 (10) TMI 1205

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.... None ORDER 1. The present appeal has been filed under Section 260-A of the Income Tax, 1961 (hereinafter referred to as the Act) against the order dated 6th March, 2009 passed by the Commissioner of Income Tax (Appeal)-I, Agra and on the basis of the following substantial questions of law, which according to him arises out of the order of the tribunal. "1. Whether on the facts and ....

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....oor Chand Mangesh Chand Jain with its proprietor Shri Kapoor Chand Jain. It has been stated before the Assessing Officer that the firm had taken loan of Rs. 5,47,803/- from Baij Nath Agarwal and Companies and Rs. 7,65,917/- from M/s Amit Agarwal & Company. As there was a raid in the business premises of M/s Baij Nath Agarwal & Companies, which belongs to Ganga Ram Agarwal group and the said compan....

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....erely because there was a search in Ganga Ram Agarwal & Companies, no inference regarding giving of bogus/accommodation entries could be drawn. 3. The Commissioner of Income Tax (A), therefore, deducted the addition and the appeal preferred by the Revenue has been dismissed. 4. We have heard Shri Shambu Chopra, learned Senior Standing Counsel and Shri Krishna Agarwal for the Assessee. Shri C....