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2016 (3) TMI 819 - AT - Income TaxAddition u/s 68 - CIT(A) delted the addition - Held that:- AO without making any enquiry and without bringing any material on record to the contrary, was not justified in rejecting the evidence filed by the assessee and adding back the amount of the unsecured loans to the income of the assessee. Therefore, the addition of ₹ 2,21,50,000/- on this account was rightly deleted by the Ld. CIT(A) while passing a well reasoned order, which in our opinion, does not need any interference on our part, hence, we uphold the order of the Ld. CIT(A) on this issue and dismiss the ground raised by the Revenue. - Decided in favour of assessee Addition of interest debited to P&L account on the unsecured loan - Held that:- . The amount of ₹ 9,99,175/- has been disallowed on the ground that corresponding unsecured loans on which this interest has been credited, had been held as not explained satisfactorily and were added to the income of the assessee. Since we have upheld the decision of the Ld. CIT(A) of deletion of addition, relating to unsecured loans raised during the year which have been held as explained and the addition of unsecured loans was deleted. Therefore, interest amounting to ₹ 9,99,175/- was allowable to the assessee. Hence, the addition on this account was rightly deleted by the Ld. CIT(A) - Decided in favour of assessee
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