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2016 (8) TMI 1007 - AT - Income TaxAddition u/s 68 - Held that:- The addition made on account of unsecured loans from loan creditors cannot be sustained and the consequential addition on account of interest paid to the loan creditors is also not sustainable. We may point out that during the arguments before us, the ld. DR could not controvert this fact that the assessee received all the impugned loans and returned the same during the same F.Y and interest was also paid thereon to the creditors. In this situation, the amount of loan which has been returned to the respective creditors and interest paid thereon cannot be taxed in the hands of the assessee as its income. Therefore, we have no reason to interfere with the conclusion of the CIT(A) on this issue and thus we uphold the same. - Decided against revenue.
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