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2023 (4) TMI 576 - ITAT AHMEDABADAddition u/s 68 - amount introduced under the head “unsecured loan” from various parties - CIT- A deleted the addition - HELD THAT:- As seen from the assessment order and the appellate order that the assessee has given confirmation details namely ledger account, contra account, ITR details and creditors compliance u/s. 131 issued by the A.O. Still not satisfied with the information submitted, only on the ground that the Returned income of the creditors are not commensurate to the loans disbursed by them. Therefore the A.O. made the addition u/s. 68 - A.O. also has not given due credit to the TDS made by the assessee on the interest payment as well as the repayment of the above loans by the assessee during the assessment year 2016-17. It is well settled principle of law in the case of CIT vs. Ranchhod Jivabhai Nakhava [2012 (5) TMI 186 - GUJARAT HIGH COURT] that where lenders of assessee are income-tax assessees whose PAN have been disclosed, Assessing Officer cannot ask assessee to further prove genuineness of transactions without first verifying such fact from income-tax returns of the lenders. Also when the loan is repaid by the assessee in the subsequent assessment years, the Hon’ble Jurisdictional High Court in the case of CIT vs. Ayachi Chandrashekhar Narsangiji [2013 (12) TMI 372 - GUJARAT HIGH COURT] held that where department had accepted repayment of loan in subsequent year, no addition was to be made in current year on account of cash credit. Appeal of assessee allowed.
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