BAGORIA UDYOG Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal is at the instance of an assessee and is directed against an order dated May 28, 2003, passed by the Income-tax Appellate Tribunal, A Bench, Calcutta, in Income-tax (Appeal) being ITA No.881/Cal/2002 for the assessment year 1997-98 thereby allowing an appeal filed by the Revenue in part with a finding that the assessee had no business connection with the alleged borrower in giving a loan by relying upon the alleged admission of the representatives of the assessee before the Tribunal.

(2.) Being dissatisfied, the assessed has come up with the present appeal.

(3.) The facts giving rise to filing of this appeal may be summed up thus: