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2023 (11) TMI 847 - ITAT DELHIUnsecured loan received - addition made on doubting the lenders, creditworthiness and genuineness of the transaction and the identity of the lenders - HELD THAT:- The assessee had received the amount from the lenders through the banking channels and the assessee has also produced audited financial statement of M/s Blush Equity P. Ltd. and audited financial statement of and M/s Glaxo Buildcon Pvt. Ltd. which shows that the lenders were having sufficient funds for advancing the loan to the assessee. Apart from the same, both the lenders have issued confirmation of the loan given to the assessee and also provided PAN & ITR details. As assessee had repaid the above said loans (bank statements in support of repayment of the loan produced ), we find no reason for the authorities to doubt the lenders, creditworthiness and genuineness of the transaction and the identity of the lenders. Therefore, the above addition made by the A.O. which was confirmed by the CIT(A) is hereby deleted. Decided in fvour of assessee. Unexplained Sundry creditors - Assessee argued violation of principles of natural justice without considering the submission of the assessee - HELD THAT:- It is the specific case of the assessee is that the A.O. and the CIT (A) have recorded incorrect facts and violated the principles of natural justice without considering the submissions of the assessee and also not considered the documents produced by the assessee in support of the contentions of the assessee, we remand the issue involved to the file of the A.O. with a direction to consider all the documents and the submissions made by the assessee and decide the issue afresh. Bogus salary paid to employees - HELD THAT:- Assessee has provided the Adhar cards of the employees for the purpose of proving the identity and also details of the salary paid to the employees showing the names, post, amount on the signature of the receipt of the salary together with the confirmation and considering the quantum of the amount involved, we delete the disallowance made by the A.O. being the amount of salary which has confirmed by the CIT(A), accordingly we allow Ground of the assessee. Disallowance being 1/10th of the various expense - HELD THAT:- Since, the assessee had not provided any details or any satisfactory evidence with regard to the genuineness of the expenses and considering the nature of the expenses claimed and also the nature of business of the Assessee, in our opinion, the CIT(A) rightly restricted the disallowance to 1/10th of the expenses claimed under the said head which is reasonable as well. Accordingly, we dismiss the Ground of the assessee.
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