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2015 (4) TMI 826 - HC - Income TaxAddition under Section 68 - interest eligibly paid on the said loans - ITAT deleted the additions - Held that:- From the assessment order, it appears that the Assessing Officer made the addition of ₹ 33,50,000/- under Section 68 by doubting the genuineness of the transactions and creditworthiness of the depositors. It appears that the Assessing Officer made the addition solely on the ground that though number of opportunities were given, the assessee did not produce those seven depositors before him. However, it is required to be noted that the assessee did produce the conformation letters of those seven depositors and also produced the particulars with respect to those depositors such as PAN numbers etc. and, therefore, the learned CIT(A) as well as the learned ITAT have rightly observed that the assessee discharged his initial burden / onus and, therefore, it was for the Assessing Officer to examine those persons and hold necessary inquiry with respect to those seven depositors whose identity was disclosed and even PAN numbers of those seven depositors were also before the Assessing Officer. Under the circumstances and in the facts and circumstances of the case, it cannot be said that the learned CIT(A) as well as the learned ITAT have committed any error in deleting the addition made under Section 68 of the Act and deleting the disallowance of interest paid to various depositors. - Decided in favour of assessee.
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