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2012 (11) TMI 859 - HC - Income TaxUnexplained Loans u/s 68 and Disallowance of Interest thereon - held that:- It cannot be said that the assessee had not discharge his obligation in appearing in person to show/prove that amount credited to his account as loan or otherwise is justified when notices were issued to two companies from whom loan had been received by the assessee, AO did not pursue the same and proceeded with the assessment, on the basis of records produced before him and also on the basis of submissions made by the authorised agent of the assessee. The assessment order has been confirmed in appeal - question of law raised in this appeal is not a question of law but is on merits of the case - no justification to admit this appeal and is accordingly dismissed.
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