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2019 (6) TMI 1690 - AT - Income TaxAddition u/s 68 - unsecured loan from persons/entities engaged in providing accommodation entry - HELD THAT:- On perusal of the order of the Coordinate Bench [2019 (3) TMI 1835 - ITAT MUMBAI] entire transactions were routed through the banking channels and thus the assessee has discharged the primary onus of proving the identity, creditworthiness and genuineness of the transactions. Another allegation of the AO is that assessee has failed to produce the parties and hence question of providing cross examination does not arise which is without merit as the assessee has discharged its onus by providing all the basic documentary evidences before the AO who just relying on the statement of Shri Pravin Kumar Jain treated the loan transactions as unexplained credit in the books of the assessee. On the issue that these lenders are showing low income or losses in the return of income filed, we observe that in the balance sheets the said loan advanced by the lender were duly reflected and thus there is no income in the particular year has no relevance and there were sufficient sources. Under these circumstances, we, after taking into consideration contentions m, submissions and written submissions of both the parties and after analyzing the various case laws relied upon by the rival parties , are of the view that order passed by the Ld. CIT(A) is well reasoned and there is no reasons to deviate from the findings of the ld CIT(A) and therefore same is being upheld by dismissing the appeal of the revenue
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