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2020 (8) TMI 169 - AT - Income TaxAddition u/s. 68 in respect of unsecured loans - addition solely made based on the statement said to have been recorded in the case of Shri Gautam Jain in the course of search proceedings against him, where he has said to have deposed that he is providing accommodation entries - assessment was reopened solely on the basis of the statements recorded from the third party - HELD THAT:- Assessee has discharged its onus by providing adequate evidences to prove that the transaction is genuine. Assessee has proved the genuineness, creditworthiness and identity by furnishing loan confirmations, financials, bank statements, copies of ITR of all the three creditors. Assessee has discharged her onus by furnishing all this information, however, the Assessing Officer except relying on the statement of third party and whose statements were also not provided to the assessee treated the creditors as non-genuine without making any sort of enquiries. Therefore, in the facts and circumstances we do not find any infirmity in the order passed by the Ld.CIT(A) in deleting the addition and holding that the assessee has proved the genuineness of the transactions, identity and creditworthiness of the creditors and in deleting the addition made u/s. 68 of the Act. Thus, the order of the Ld.CIT(A) is sustained. Grounds raised by the revenue are rejected.
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