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2010 (10) TMI 796 - HC - Income TaxAddition under s. 68 of the IT Act - unsecured loan - quantum of amount of Rs. 24,86,866 found to have been borrowed from eight different creditors by way of 'unsecured loan' to the tune of Rs. 3,25,000 each from two creditors, Rs. 3,00,000 from one creditor, Rs. 1,00,000 each from four creditors and Rs. 11,36,866 from one creditor. Maximum amount that has been borrowed by assessee, was Rs. 11,36,866 from Shri K.K. Sharma, director of the company - Held that:- confirmations given by those creditors and observed that there was no reason to doubt correctness of the claimed cash credit amounting to Rs. 24,86,866 taken from the above named creditors, Appeal being devoid of merit is accordingly dismissed in limine
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