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| The Tax Publishers2019 TaxPub(DT) 5235 (Guj-HC) INCOME TAX ACT, 1961
Section 68
Where loan was accepted through banking channel and the details furnished by Authorised signatory of Director were not verified vis-a-vis the records available with AO in its proper perspective, therefore addition was to be deleted under section 68.
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Income from undisclosed sources - Addition under section 68 on account of unsecured loan - Loan accepted via banking channels -
AO made addition under section 68 on account of unsecured loan obtained by assessee as unexplained income because assessee was not able to prove the source and genuineness of creditors. CIT(A) and Tribunal confirmed the addition under section 68. Held: The finding of fact recorded by CIT(A) that loan was accepted through banking channel and the details furnished by Authorised signatory of Director were not verified vis-a-vis the records available with AO in its proper perspective. This finding of CIT(A) also came to be affirmed by Tribunal. Therefore addition was to be deleted under section 68.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 36(1)(vii)
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