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2018 (5) TMI 1801 - AT - Income TaxAddition on account of bogus loans - Held that:- Here is a case, clearly defined by the accounts. The ledger account of Daksh Diamonds appearing in the books of accounts of the assessee shows that on 03.07.2006, the assessee received ₹ 30,00,000/- vide cheque No. 812561 and ₹ 20,00,000/- vide cheque No. 812562 – being amounts received towards loan from Daksh Diamonds (Indusland Bank Ltd., Opera House Branch, Indusland House, 425 Mumbai-04). On 06.05.2010 the assessee issued cheque No. 265949 amounting to ₹ 20,00,000/- being cheque to Daksh Diamonds towards refund of loans. Further, on 22.06.2010 the assessee issued cheque No. 263943 amounting to ₹ 30,00,000/- being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation by Daksh Diamonds tell the same facts. The search and seizure action conducted by the Department in Bhanwarlal Jain Group took place on 03.10.2013. The loans taken by the assessee from Daksh Diamonds in the year 2006 was refunded in the year 2010. One has to respect the transactions which occurred more than three years before the search and seizure action by the Department. Thus the addition made by the AO without any documents is devoid of merit.
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