2020 (1) TMI 657

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....ABLE MR.JUSTICE J.B.PARDIWALA ) 1. This tax appeal under Section 260A of the Income Tax Act, 1961 (for short "the Act, 1961") is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot dated 30th April, 2019 in the IT(SS) No.24/Rjt/2017 for the A.Y.2009-10. 2. The Revenue has proposed the following questions, as the s....

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.... In this case, a search was conducted on 20.5.2015 and proceedings were initiated u/s.153A and during the search no incriminating document was found and seized and during the assessment proceedings, A.O noticed that assessee has taken a loan of Rs. 7.30 Crore from Manaksia Trexim Pvt. Ltd., Culcutta. He made detailed inquiries through investigation wing of Calcutta and concerned person of Manaksia....

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....h undertaken by the Department, nothing incriminating was found or recovered from the assessee, and in the course of the assessment proceedings, the Assessing Officer took notice of the fact that the assessee had obtained a loan of Rs. 7.30 Crore from one Manaksia Trexim Pvt. Ltd based at Calcutta. The Assessing Officer got the matter inquired through the Investigating Wing of the Calcutta, and th....