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2018 (8) TMI 1484 - AT - Income TaxAddition u/s 68 - proof of genuineness of loan - discharge of onus - Held that:- No defect in the various documentary evidences filed by the assessee to discharge his initial onus could be pointed out by the revenue. The service of notice u/s.133(6) of the Act on the loan creditor proves the existence of the said loan creditor and merely because of not receiving of response from the said loan creditor cannot be taken as an evidence against the assessee. Further in the statement of said Shri Raj Kumar Tharad, neither the name of the said loan creditor nor the name of the assessee is appearing. Thus, the said statement cannot be a basis to draw an adverse inference against the assessee. Thus the initial onus which was on the assessee was duly discharged by the assessee and, thereafter the department could not bring any cogent material on the basis of which, the addition or disallowance made could be sustained. - Additions deleted. - Decided in favour of assessee
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