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2022 (2) TMI 1183 - AT - Income TaxAddition u/s 68 - unsubstantiated unsecured loans - whether assessee had discharged the primary onus cast upon it ? - CIT -A deleted the addition - HELD THAT:- In the present case the AO has granted the impugned relief simply of the basis that amounts are received through banking channels and the supported by the balance confirmation and bank statement etc. which, accordingly to CIT(A), by itself prove genuineness of the transaction. Such an approach however is clearly unsustainable in law in view of the fact that the amounts having come through banking channels and the balance confirmation being on record cannot by itself prove or establish genuineness of the transaction while on the aspect of the matter we may usefully refer to following observations of the coordinate bench in the case of DCIT vs. Leena Power Tech Pvt Ltd. [2021 (9) TMI 1124 - ITAT MUMBAI] Viewed thus the approach of the learned CIT(A) is clearly superficial and it does not need our judicial approval. Just because the money is received the through banking channels and the confirmations are on record, such facts by itself do not establish genuineness of transactions. We therefore deem it fit and proper to remit the matter to the file of the CIT(A) for fresh consideration in the light of the above legal position. While re-examining the matter learned CIT(A) will categorically deal with the stand of the Assessing Officer with respect to genuineness of the transaction and pass a speaking order and accordance with the law by way of speaking order on this point as well. - Decided in favour of Revenue.
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