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2021 (3) TMI 455 - AT - Income TaxAddition u/s 68 - unsecured loan & sundry creditors - addition made as assessee failed to discharge the onus of proving the genuineness of the said liabilities - HELD THAT:- It is admitted position that the loan from Sinclair Builders Pvt. Ltd., has been obtained by account payee cheque. Confirmation, copy of account as well as the bank statement of the creditor has also been furnished. The assessee has also deducted TDS on the interest amount and the tax has also been deducted at source. The creditor is also assessed to tax - AO found the difference between the account of the assessee and information obtained through invoking section 133(6) of the Act without considering the reconciliation statement produced by the assessee in regard to TDS. Hence, the issue is squarely covered by the decision of the Supreme Court in the case of Orissa Corporation P. Ltd.[1986 (3) TMI 3 - SUPREME COURT] As regards to the disputed amount showing in the name of Subarban Industries Ltd. since the confirmation from the said party is furnished, no addition is called for on this account. In the case of loan from MAKs and from Pratap Chandra jena we find that the loan has been brought in cheque and repayment was also made in cheque through banking channel. In this regard, bank statements were furnished but the AO has not issued notice to the creditor u/s. 133(6) of the Act to know the truth and added the same to the income of the assessee. Hence, we also find no justification to confirm the said amount and delete the same. - Decided in favour of assesee.
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