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2019 (12) TMI 1157 - AT - Income TaxAddition on account of unsecured loan and interest paid thereon - AO concluded that loans obtained by the assessee were not genuine and made an addition u/s 68 - Search and seizure action u/s.132 - HELD THAT:- CIT(A) has incorporated various documents filed by assessee in respect of each party from whom loan is taken. CIT(A) has also incorporated from the balance sheet of these loan parties that they have the creditworthiness as their share capital and reserves are much more out of which loans are given to assessee company. It is also clear from the record that all the loans taken during the year were repaid in next financial year. Therefore no addition can be made.- See M/S. SKYLARK BUILD. [2018 (10) TMI 1513 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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