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2019 (8) TMI 981 - AT - Income TaxAddition u/s 68 - enquiry & investigation made by the AO as well as Investigation Wing of the department, the parties from whom the assessee had received unsecured loan were mere accommodation entry providers - HELD THAT:- In this case, there is an important undisputed fact that the unsecured loan had already been repaid and in this respect, documents were placed on record by the AO. We are also relying upon the judgment of Hon’ble Apex Court in the case of Lovely Exports Pvt Ltd. [2008 (1) TMI 575 - SC ORDER] , wherein it was held that the AO is at liberty to bring to tax the amounts in their respective hands of the investors if their identity, genuineness and creditworthiness is not proved. In this case, the creditworthiness of the investors even if is not proved, even then it will not automatically give license to the assessing authority to make additions in the hands of the recipient u/s 68, unless that is proved that it is the unexplained and unaccounted money of the assessee which has been introduced in its books of account in the name of bogus/non-existent entities. In the instant case, the AO had not made any dent on these lines. On the other hand the appellant has filed all the details and supporting documentary evidence to prove the identity, genuineness and creditworthiness of these three unsecured loan parties No new facts or contrary judgments 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). Hence, we are of the considered view that the findings so recorded by the Ld. CIT (A) are judicious and are well reasoned. Resultantly, these ground raised by the revenue stands dismissed.
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