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2012 (11) TMI 1261 - ALLAHABAD HIGH COURTUnexplained Cash Credits u/s 68 - Assessee had taken loan from few firms which were not found genuine by AO as those firms were allegedly involved in providing bogus entries. - HELD THAT: - Merely because there was a search in aforementioned companies, no inference regarding giving of bogus entries could be drawn. - During search, there is no admission by the assessee therein that they were involved giving bogus/accommodation entries - Findings recorded by the AO is not correct and can not be relied upon.
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