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2017 (9) TMI 739 - HC - Income TaxUnexplained unsecured loans - addition u/s 68 - ITAT deleted addition - Held that:- Tribunal, in concurring with the First Appellate Authority, found that the Assessing Officer had made addition under Section 68 without any reasonable basis. FAA has analyzed the transaction with each and every creditor and assigned reasons as to why the loans have to be treated as genuine. The assessee has produced details like copy of PAN card, copy of return of income, balance sheet with all the annexures and copy of bank accounts before the Assessing Officer. If there was any doubt, the Assessing Officer should have made further investigation. Once the initial burden was discharged, the Assessing officer had then to find out that despite production of record in relation to these parties, the version of the assessee cannot be accepted. It is in these circumstances that the First Appellate Authority rightly stepped in. Tribunal's order, it quoted that two of the creditors not only appeared before the Assessing Officer, but had also admitted of giving loan. There was nothing suspicious or doubtful in the version of these persons. That is why the order of the First Appellate Authority was upheld. It did not suffer from any legal infirmity. Tribunal did not agree with the Assessing Officer but with the First Appellate Authority because there was overwhelming documentary evidence on record to support the conclusion of the First Appellate Authority. - Decided against revenue Addition towards transportation charges - CIT-A deleted addition confirmed by ITAT - Held that:- Tribunal did not rest its conclusions only on the finding that the Assessing Officer has not carried out a complete exercise. The Tribunal perused the material produced on record. It agreed that there is a proof of actual performance of transportation work, lifting of waste, payment of Tax deducted at Source, full addresses and confirmation of accounts with Permanent Account Number. Even the mode of payment is by account payee cheques. If there was further doubt about the transactions, the Assessing Officer was free to make inquiries with the Regional Transport Office. Tribunal agreed with the First Appellate Authority in holding that mere nonattendance or mere non service without anything more could not be reason enough to sustain the addition. It is in these circumstances, that the First Appellate Authority has rightly stepped in according to the Tribunal. No substantial question of law. - Decided against revenue
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