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2012 (3) TMI 541 - HC - Income TaxUnexplained loan - Held that:- It was for the assessing Officer to find out whether really the aforesaid 37 persons have lent loan to the Company or not and when the accounts reflects the same as loan received though the account payee cheque such transaction cannot be doubted. Since this aspect has not been considered by the assessing Authority. Revisional Authority as well as the learned Single Judge, we have no other option than to set-aside the order passed by all the authorities and remand the matter to the Assessing Officer for fresh consideration in accordance with law.
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