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2023 (3) TMI 512 - AT - Income TaxAddition u/s 68 - unsecured loan received by the assessee - assessee submitted before the assessing officer that the transactions mentioned in the table above are not related to the “purchases”, but are related to the loans taken from the above said parties and also furnished copies of confirmation letters, copies of income tax return filed by the above said parties, audited balance sheet of the above mentioned parties and copies of the ledger account of the assessee as appearing in the books of the above said parties in order discharge the responsibility placed upon it u/s 68 - HELD THAT:- Assessee has furnished all the details required for the purpose of discharging the initial onus placed upon it u/s 68 of the Act. Once the initial onus is placed upon the assessee, then the burden to disprove the same would shift to the shoulders of the assessing officer. We noticed that the AO has issued notices u/s 133(6) of the Act to the above said parties and they have also responded to the notices by furnishing the details that were called for. Though the AO has stated that the inspector of income tax could not find above said parties in the addresses given by them, the details of any of his report was not given to the assessee nor its explanation was called for. Hence no credence could be given to the so called report given by the Inspector. At the end, the AO has only placed reliance on the statements given by Praveen Kumar Jain and two others and those statements were also not confronted with the assessee. CIT(A) has passed a detailed order while deleting the addition made by the AO - Decided against revenue.
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