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2019 (2) TMI 787 - ITAT DELHIBenefit of section 11 & 12 - conversion of loans to the corpus donations - Held that:- There is not even an iota of adverse observation as to the nature of impugned donations not being in the nature of corpus donations. Therefore, these amounts having been accepted as genuine loans in A.Y. 2009-10 and having been accepted as corpus donations in the year under appeal, benefit of section 11(1)(d) cannot be denied. Addition u/s 68 - Cash Credit - Genuineness of loan - Held that:- We find that assessee has brought sufficient material on record to prove that lenders have confirmed the amount of loans, which have been given through banking channel and the lenders were assessed to tax and that the loans have substantially been repaid back through banking channel. We would like to refer to various pages of the paper book relied upon by Ld. Counsel in the synopsis at page 8-9-10. We have gone through the various pages of the paper book as referred by Ld. Counsel and we are of the considered opinion that not only the identity and creditworthiness of the lenders stand proved but also the genuineness of the loans stands proved. In the present case there is no share capital involved nor is there any statement of accommodation entry having been given by any person. Therefore, addition made in the assessment order is hereby deleted in view of above mentioned factual evidences establishing the identity, capacity of the lenders and genuineness of the loans. Benefit of exemption u/s 10(23C)(iiiad) - Held that:- The income of the assessee trust is exempt u/s 10(23C)(iiiad) and it is held accordingly. Income of the assessee trust is exempt u/s 10(23)(iiiad) and benefit of section 11 and 12 having been allowed.
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