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2016 (4) TMI 1375 - AT - Income TaxAddition of unsecured loans u/s. 68 - HELD THAT:- Assessee has proved identity, genuineness of the transaction and the credit worthiness of the lenders by furnishing requisite details like confirmations, PAN details, return of income, bank statements etc. It is the finding of the CIT(A) that on perusal of the bank statements, all the lenders have advanced monies to the assessee out of funds obtaining the bank statements out of deposits through bank transfers into their accounts. CIT(A) that first deposits are received through bank transfers from the lenders accounts and thereafter they were given to the assessee company by account payee cheque. CIT(A) that AO has not disputed the above facts nor has brought any material on record to suggest that the said transfers are not genuine transfers and the lenders also confirmed giving funds to the assessee through account payee cheque and shares were also allotted by the assessee company against such funds. CIT(A) concluded that assessee has established not only the credit worthiness and identity of the said creditors but also established the genuineness of the transaction. None of the finding of the CIT(A) has been dislodged by the revenue with evidences. We uphold the order of the CIT(A) in deleting the addition made u/s. 68 - Decided against revenue.
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