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2019 (3) TMI 689 - AT - Income TaxUnexplained cash credit u/s 68 - Genuineness of claim - Held that:- Assessee has discharged its onus by adequately disclosing the transaction in its books of accounts, filing statutory forms as regards allotment of shares, providing name, address and PAN of the shareholders, etc. the assessee has sufficiently discharged the onus cast upon it for the purpose of section 68 and no addition can be made on this account. Hence, we are of the view that the CIT(A) has rightly deleted the addition and we confirm the same - Considering the principles laid down by Hon’ble Supreme Court in the case of Lovely Exports Pvt. Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA] and moreover, no new facts have been brought on record before us in order to controvert or rebut the findings so recorded by Ld CIT (A). Therefore, there are no reasons for us to interfere into or deviate from the findings recorded by the Ld. CIT (A). - Decided in favour of assessee Disallowance of interest u/s 36(1)(iii) - interest fee loans or advances given by the assessee - HELD THAT:- the assessee had filed the details of loans and advances given and from the said details, the contention of the assessee was found to be in order to the effect that interest fee loans or advances given by the assessee is at ₹ 22,10,18,973/- only as against the amount of ₹ 30,05,18,9737- considered by the A.O. Therefore, after considering the balance sheet. The own fund (i.e. share capital and surplus) of the assessee was ₹ 27,43,62,742/- against which the interest free advances given by the assessee was Rs, 22,10,18,973/-. Thus. this establishes that the interest free funds have been given by the assessee out of its own funds. As relying on RELIANCE UTILITIES & POWER LTD. [2009 (1) TMI 4 - BOMBAY HIGH COURT] CIT-A rightly allowed this ground. - Decided against revenue
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