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2023 (7) TMI 554 - AT - Income TaxAddition u/s 68 - Unsecured Loans - onus to proof - treating as share application money an accommodation entry - reliance on information from ADIT (Investigation) - HELD THAT:- As assessee has successfully demonstrated the factum of identity, capacity and creditworthiness of the creditors who gave loan of Rs. 25 lakhs to the assessee - there is no IOTA of doubt regarding this transaction which was rooted through banking channels the assessee has also paid interest thereon after deducting the TDS with the department. Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent assessment year 2012-13 (A.Y. 2013- 14) the assessee had squared up the account by repaying entire loan amount along with due interest after deducting TDS @ 20%. Thus assessee during the proceeding before the AO as well as before the ld CIT(A) successfully discharges its onus lend on his shoulders as per requirement of section 68 of the Act and submitted all documentary evidences under his command - Decided in favour of assessee.
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