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2018 (2) TMI 91 - AT - Income TaxAddition of subscription expenses - allowable busniss expenses - whether this expenditure was incurred wholly and exclusively for the purpose of business - Held that:- No infirmity in the order of the Ld. CIT(A) in allowing the expenses incurred for membership in club which has nexus to the business of the assessee, which is required to forge friendship and required to entertain clients inorder to make progress and benifits business in the long run. See Gujarat State Export Corporation Limited Versus CIT [1993 (9) TMI 52 - GUJARAT High Court] - Decided against revenue Addition on account of unsecured loans as cash credit u/s. 68 - CIT-A allowed the claim - Held that:- The borrowing in this year is only from five parties and that too from NBFC. The company from which the assessee has borrowed funds have enough assets and are income tax assessee. The assessee has discharged its burden of proof and thereafter, if the AO had to make any additions then he should have discredited the evidences adduced by the assessee. Without doing so, merely because notice of 3 creditors were returned back to him un-served, cannot be the sole basis for addition and therefore, the ld CIT(A) has rightly deleted the same. - Decided against revenue
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