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2004 (10) TMI 48 - MADHYA PRADESH HIGH COURTCIT passed an order u/s 263 setting aside the order of assessment and on ground that the Assessing Officer has accepted the credits without proper enquiry resulting in under assessment of income with consequential revenue loss - Tribunal found that lenders/creditors were genuine, the transactions were genuine and the financial capacity/supplies were not open to doubt. In the circumstances, the mere fact that a search was conducted in the premises of the assessee-company and its directors on November 27, 2001, or that some documents were seized, is not sufficient to disbelieve the clear and cogent evidence produced. The matter is purely one of fact and does not give rise to any substantial question of law. Hence this revenue appeal is dismissed – tribunal was justified in holding that there was no basis for the Commissioner of Income-tax to hold that the order of the Assessing Officer was erroneous or prejudicial to the interests of the Revenue
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