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TMI Blog2012 (10) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred 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 in the circumstances of the case, the Tribunal is justified in law in deleting the addition of ₹ 13,13,720/-made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the firm had taken loan of ₹ 5,47,803/- from Baij Nath Agarwal and Companies and ₹ 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 company was found engaged in providing accommodation entries, the Assessing Officer added the aforesaid amount in quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation 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 Chopra, learned counsel submits that as the two lenders are belonging to Ganga Ram Agarwal Companies and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of loan was advanced through the Account Payee Cheques and PANs were also furnished. The amount has been repaid through account payee cheques and the lenders has sufficient funds in their bank accounts not by cash deposited on the preceding date or when the cheques were issued by the money lenders. 6. We, therefore, observe that Commissioner of Income Tax (A) has rightly passed the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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