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2012 (8) TMI 163 - DELHI HIGH COURTAddition on account of unexplained loan - Held that:- The assessee received the amount and thereafter, repaid the amount, which has been transferred back to the same bank account, thus from the aforesaid transactions it is clear that the amount of Rs. 39,00,000/- remaining outstanding as on 31.03.2006 has been repaid by the assessee in the subsequent F.Y. 2006-07 except by an amount of Rs. 2,15,000/- transferred to current account of the creditor - verifying the assessment records of the creditor it is a registered Company with the ROC & also assessed by ITO, Ward 12(3), New Delhi - As the assessee has been able to prove the identity of the creditor as well the credit worthiness of the creditor and genuineness of the transaction the addition of Rs.39 lakh made by the AO on account of loan taken from H.G. Exim P. Ltd. stands deleted - in favour of assessee.
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