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2016 (9) TMI 499 - AT - Income TaxAddition u/s. 68 - Held that:- The burden of the assessee in respect of the loans stand discharged and therefore, no addition is tenable. Once the amount has been received by account payee cheques and the creditors have duly confirmed the transactions no adverse inference can be drawn. Therefore, assessee shows his inability to explain the source of source, which cannot be a basis to confirm the addition u/s. 68 of the Act. Hence addition deleted. - Decided in favour of assessee
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