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2011 (12) TMI 7 - ITAT DELHIAddition u/s 68 - Genuineness of the transaction - held that:- the loan of Rs. 20 lacs shown from Sh. Pritam Goel father of the assessee was only a journal entry in the books of M/s Lyra Industrials. Since there was no physical transfer of money from the account of Sh. Pritam Goel and only a journal entry was passed, the findings of the AO that transaction was sham ,is baseless, the ld. CIT(A) concluded. In the light of these findings of ld. CIT(A) especially when the Revenue have not placed before us any material so as to enable us to take a different view in the matter, we are not inclined to interfere. - Decided in favor of assessee.
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