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2023 (4) TMI 534 - ITAT DELHIAddition u/s 68 read with Section 115BB - loan received unexplained - HELD THAT:- We find that the assessee has shown in its books that it had borrowed unsecured loan from Mr. Vijaya Kumar Gulati who had sourced the said loan out of borrowings from IIFL. There is no clear factual finding in this regard. It is a fact that loan sanction letter together with the repayment schedule from IIFL was placed on record before the Ld. AO. Due to continuous absence of the assessee before us, we are unable to get the suitable assistance in this regard to ascertain the factual situation. Fact of borrowings made from IIFL and the fact of loan sanction letter being placed on record before the Ld. AO is not disputed by the Revenue before us, considering all we deem it fit to appropriate to restore this issue to the file of the Ld. AO for denovo adjudication in accordance with law - Grounds raised by the assessee are allowed for statistical purposes.
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