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2014 (8) TMI 564 - HC - Income TaxUnsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – Held that:- CIT (A) and Tribunal was rightly of the view that the balance sheet of the lender as of 31 March 2009 had been placed on the record - The assessee had placed all the bank accounts of the lender and the confirmatory certificates in respect of borrowings made by the lender Company - CIT (A) held that identity of the lender, its creditworthiness and the genuineness of the transaction had been established - assessee was rerouting its own funds was based on surmise - The CIT (A) had the benefit of considering the balance sheet of the lender as well as confirmatory certificates in respect of the advances which the lender in turn had received - There was no material to establish that the assessee was engaged in a transaction for routing its own funds - Decided against Revenue.
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