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2016 (4) TMI 354 - AT - Income TaxAddition made u/s. 68 - as per AO depositors were not financially capable to give loans/deposits, most of the depositors had interest income that too received from the Assessee and they did not have any other source of income or their income was very small and thus according to the A.O mere receipt of loans by account payee cheques did not make the loans as genuine - Held that:- CIT(A) while granting the relief has given a finding that most of the creditors had current account with the Assessee wherein deposits and withdrawals were made on regular basis, majority of the depositors were maintaining the current account with the Assessee for more than 2 years and in the assessment order passed u/s. 143(3) for A.Y. 2007-08, the same depositors have been treated as genuine. Ld. CIT(A) has further given a finding that Assessee had furnished the copy of ledger account with confirmation, full address, copy of PAN number, income tax acknowledgement receipt etc. before the A.O but A.O did not made any further inquiry of the concerned creditor nor had issued summons u/s. 131 of the Act, nor made any spot inquiries on the addresses of the creditors. He thus held that Assessee had discharged the initial onus cast upon it and the evidences and explanations furnished by the Assessee have not been found to be untrue and while deleting the addition he also placed reliance on the various decisions cited in the order. Before us, Revenue has not brought any material on record to controvert the findings of ld. CIT(A) nor has pointed any fallacy in his findings - Decided in favour of assessee
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