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2019 (5) TMI 1442 - ITAT DELHIUnexplained cash credit u/s 68 - unsecured loans additions - HELD THAT:- No cash was found to be deposited prior to the date of the issue of cheques to the assessee company. This conclusively proves that the assessee has not purchased cheques by paying cash to the lender companies. Since, the banks have responded to the notice by furnishing the Articles of Association, Memorandum of Association, bank opening forms of the lender companies which clearly demonstrated that all the companies have fulfilled KYC Norms of banks. Therefore, the identity of these lender companies have been established beyond doubts. The genuineness of the transaction can be safely concluded as all the transactions have been done through proper banking channel. The source of funds are clearly established from the financial statements of these lender companies irrespective of their meager income or nil income. The assessee has discharged the onus cast upon it by the provisions of section 68 of the Act and, therefore, we do not find any reason to interfere with the findings of the CIT(A). - Decided against revenue.
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