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2018 (12) TMI 1452 - ITAT KOLKATAAddition of unsecured loans followed by disallowance of interest paid thereupon - identity, genuineness and creditworthiness of the creditors / family members - Held that:- We find no merit in Revenue’s instant arguments. It has come on record that the assessee has obtained its unsecured loans of ₹62 lac from ten family members including three related HUFs. We find from the corresponding tabulation in the case file that six of the said parties involved opening balances as well. This means that the assessee has carried forward preceding years closing balance of loans in this impugned assessment year. The very loans had attained finality therefore as the AO nowhere raised any objection in earlier assessment years. We notice that taxpayer has placed on record not only his creditors confirmations but also their entire detailed evidence in the nature of income tax returns, computation, capital account, balance-sheet, bank statement, affidavits etc. All of them are stated to be assessed in the same jurisdiction. The assessee has also repaid the impugned loans in eight cases in full / part alongwith interest involving TDS deduction. We take into account all these voluminous debtors to conclude that the CIT(A) has rightly deleted the impugned unsecured loans and interest as the assessee satisfied all the relevant particulars of identity, genuineness and creditworthiness of his creditors / family members. Revenue’s appeal is dismissed.
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