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2005 (2) TMI 32 - HC - Income TaxCash Credits - Tribunal was not justified in holding that the facts relating to the cash receipts were not borne out by the order of the Settlement Commission under section 245D of the Income-tax Act, 1961. Since the order of the learned Tribunal was not based on record, it is perverse - Whether the purported findings of the Tribunal upholding the addition of Rs. 1,05,625 on account of loan taken by the assessee from Subh Karan Pincha are based on any material and/or have been arrived at by ignoring the relevant materials and/or by taking into consideration irrelevant materials and/or are otherwise arbitrary, erroneous and perverse?" - we set aside the order of the learned Tribunal upholding the addition of Rs. 1,05,625 on account of loan taken by the assessee and remand the matter back to the Assessing Officer to consider it afresh
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