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2019 (7) TMI 1996 - AT - Income TaxAddition u/s.68 for unsecured loans taken - HELD THAT:- The assessee has discharged the onus of proving the creditors and the Revenue did not make required enquiries. The balance sheet and the business affairs clearly prove the financial capability of the lenders - As decided in the case of Vaibhav Cotton Pvt. Ltd. [2012 (8) TMI 1129 - MADHYA PRADESH HIGH COURT] held that where the Tribunal on its independent analysis of the matter had reached the factual conclusion about genuineness of unsecured loan transaction and in this process Tribunal has taken note of fact that detailed account of concerned party were filed by the assessee and entries in account were through account payee cheques, source of deposit in the bank was not in dispute and identity of the parties was established and also creditworthiness of the creditors was established, it was right to hold that the loans taken cannot be assessed u/s 68 of the Act. Hence we hereby delete the addition made on account of loans received by the assessee. Revenue has invoked the provisions of Section 115BBE - We find that the section has been amended w.e.f. 01.04.2017 which is prospective and hence not applicable to the year in question before us. Since, the additions have been deleted the applicability of the section to the case would be superfluous. Appeal of the Revenue is dismissed.
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