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TMI Blog2020 (1) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... . This tax appeal under Section 260A of the Income Tax Act, 1961 (for short "the Act, 1961") is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot dated 30th April, 2019 in the IT(SS) No.24/Rjt/2017 for the A.Y.2009-10. 2. The Revenue has proposed the following questions, as the substantial questions of law, arising ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings were initiated u/s.153A and during the search no incriminating document was found and seized and during the assessment proceedings, A.O noticed that assessee has taken a loan of Rs. 7.30 Crore from Manaksia Trexim Pvt. Ltd., Culcutta. He made detailed inquiries through investigation wing of Calcutta and concerned person of Manaksia Trexim Pvt. Ltd in short MTPL clearly stated that it had adva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered from the assessee, and in the course of the assessment proceedings, the Assessing Officer took notice of the fact that the assessee had obtained a loan of Rs. 7.30 Crore from one Manaksia Trexim Pvt. Ltd based at Calcutta. The Assessing Officer got the matter inquired through the Investigating Wing of the Calcutta, and the inquiry revealed that loan was in fact advanced. The source of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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