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2018 (3) TMI 1734 - AT - Income TaxAddition u/s 68 - unsecured loan from the person engaged in providing accommodation entry - HELD THAT:- Assessee duly paid the interest on the loan amount and deducted. Copy of Form no.16A was also filed and the AO has not brought on record any evidence / reason to disbelieve the evidence filed by the assessee. As satisfied with the reasoning of the CIT(A) that the addition was merely made on the basis of presumption that all the five concerns from whom loan was taken were managed and controlled by Shri Bhawarlal Jain. The statement was also recorded wherein there is no mention that any accommodation entry was obtained. The case of the assessee is fortified by the reply to question no.40 and 41 wherein it has been tendered that the loan was advanced and interest @ 9% p.a. was charged. The name of the assessee is nowhere mentioned in the list of suspicious dealer / person. Thus, find no infirmity in the conclusion of the CIT(A), resulting into dismissal of the impugned ground raised by the Revenue. Addition of interest expenditure on alleged bogus loans - HELD THAT:- On a perusal of record and the assertions made by the respective Counsels. There is a finding in the impugned order that the assessee duly produced the bank statement from where interests were paid also copies of form no.16A evidencing the TDS made and deposited into the Government account with respect to payment of interest. Since in earlier paras of this order since have upheld the order of the learned CIT(A), therefore, the issue of interest is consequential in nature, therefore, the conclusion drawn in the impugned order is upheld. - Decided against revenue.
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