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2012 (11) TMI 60 - ITAT, AHMEDABADUnsecured loans u/s.68 - assessee failed to produce any of the depositors/cash creditors - Held that:- As decided in DCIT Vs Rohini Builders [2001 (3) TMI 9 - GUJARAT HIGH COURT] in terms of Section 68 by proving the identity of the creditors by giving complete address, GIR number / PAN, copies of assessment orders wherever readily available and it has also proved the capacity of the creditors by showing that the amount was received by the assessee by a/c payee cheques drawn from the bank account of the creditors and the assessee is not expected to prove the genuineness of cash deposited in the bank accounts of those creditors because under law, the assessee can be asked to prove the source of the credit in his books of accounts but not the source of the source. As in the present case in respect of all the loan creditors, the evidence regarding filing of return of income has been brought on record by the assessee which contains PAN also of all the depositors. Along with this, the assessee has also brought on record the balance sheet of each of such loan creditors along with bank statement of the loan creditors in question - addition made by the A.O. u/s 68 is not sustainable - in favour of assessee. Disallowance of interest payment on unsecured loans - Held that:- Since the addition on account of unsecured loans itself is deleted, the disallowance of interest cannot survive - in favour of assessee.
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