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2017 (12) TMI 1864 - AT - Income TaxAddition u/s 68 - unexplained unsecured loans - HELD THAT:- As carefully gone through the copy of ledger account of all the creditors. We find that inadvertently the tax auditor has treated the aforementioned persons under the head “unsecured loan” whereas, in fact, all the above persons are “trade creditors” and with whom the assessee has done some contract business including supply of labourers on contractual payments. We find that tax has been deducted at source as per the provisions of law. On given facts, we do not find this to be a fit case for the additions u/s 68. Disallowance of 5% of the expenses claimed in trading account - CIT(A) deleted the addition - HELD THAT:- It is true that the assessee did not file all the details of expenditure during the course of assessment proceedings. It is equally true that all the necessary details were furnished before the CIT(A) who had called for a remand report from the Assessing Officer. Once the details have been furnished and transmitted to the AO, and the same were examined by the CIT(A), we do not find any reason to interfere with the findings of the CIT(A). Appeal of revenue dismissed.
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