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2014 (1) TMI 1125 - AT - Income TaxUnexplained cash credits - Held that:- The appellant had accepted the loans through brokers - The source of loan for the appellant is broker - The appellant submitted the confirmation from broker as well as from the creditors also source as well as source of source also explained - The appellant had discharged the primary onus by filing the relevant details - The assessee has filed copies of discharged promissory notes, copy of account and the confirmation of all the creditors - Ten brokers out of twelve also attended the proceedings before the AO and have confirmed the arranging and giving loans to the assessee - The evidences and material on record were, therefore, sufficient to prove that the assessee has genuinely taken the loans through brokers - The assessee has thus been able to prove that the genuine credits have been obtained in a sum of Rs.45,30,500 - The ld. CIT(A) was, justified in deleting the addition to that extent and interest paid thereon - Decided against Revenue.
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