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2023 (1) TMI 617 - AT - Income TaxUnexplained cash credit u/s 68 - assessee has failed to prove the bona fide of the transactions in terms of identity, creditworthiness and genuineness of such transaction - money received by assessee shown in Form 3CD as unsecured loan - HELD THAT:- The assessee has refunded the entire deposits either within in a day or in a week in respect of seven transactions. It was refunded in a maximum period of five months in respect of six transactions. Thus, no amount was left at the end of financial year. It is also matter or record that the repayment is not doubted by the assessing officer. As in case of CIT Vs Ranchod Jivabhai Nakhava [2012 (5) TMI 186 - GUJARAT HIGH COURT] the Hon’ble jurisdictional high court held that where the lenders of the assessee are income tax assessee whose PAN have been disclosed, the assessing officer cannot not ask assessee to further prove genuineness of the transaction without first verifying such facts from income tax returns of lenders. We also find that the assessee furnished all such details of the lenders/ depositors. There is no allegation of assessing officer that any of such lenders/ creditors are part of syndicate of accommodation entry provider. There is no evidence that credit/ advance in the books of assessee was result of some circular transactions. We find that before granting relief to the assessee, the ld CIT(A) cross checked all such details, including the proof of repayment. - Decided in favour of assessee.
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