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2013 (1) TMI 1041 - AT - Income TaxExtract: .......ith the explanation, then there should not be any question to disbelieve the genuineness of the loan transaction and the AO had no authority to dispute the correctness of the loan transaction. Resultantly, we hereby reverse the findings of the authorities below and direct to delete the addition. 7. In the result, Assessee’s appeal is allowed.
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