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2012 (10) TMI 530 - AT - Income TaxSearch and seizure - additions u/s 68 - held that:- assessee has filed confirmation letters and the creditors are genuine and have explained their sources. Further, all the amounts have been received through banking channels and two of them were paid back through cheques. If the Assessing Officer had any doubt with respect to the genuineness of the transactions, he should have enquired the creditors, which he failed to do. - no addition - in favor of assessee. Taxability of interest in the hands of partners - held that:- . Even the capital account does not have any credit under the head ‘interest’. Interest paid to partners, which has been disallowed in the hands of the partnership firms cannot be assessed in the hands of the partners.
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