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2009 (3) TMI 15 - HC - Income TaxLoans borrowed - scope of Sec.68 - After analysing the entire evidence regarding grant of impugned loans, there is a concurrent finding of fact of CIT(A) as well as ITAT that the loans were genuine loans - Tribunal is right in deleting the addition being the disallowance consisting of fresh loans & interest on old loans - Assessee had claimed deduction u/s 57 (iii) - scope of Sec.57 - Tribunal is right in deleting the disallowance being the interest and finance charges paid on impugned loans
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