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2018 (3) TMI 39 - ITAT MUMBAIAddition u/s 69A - assessee got its money routed in the form of unsecured loans and after repayment to parties, the money was transferred / withdrawn to the assessee - CIT-A deleted the addition - Held that:- A reading of section 69A of the Act makes it clear, addition can only be made when the assessee is found to be in possession of money bullion jewellery, etc., not recorded in his books of account. It is not the case of the Department that the loan repayment made during the year was either not recorded in the books of account or the source of fund utilised in repaying the loan is doubtful. The addition under section 69A cannot be made. Therefore, the decision of the learned Commissioner (Appeals) has to be sustained. In the facts of the present case, there is no doubt with regard to recording of repayment of loan in the books of account and the source of such fund. What the Assessing Officer has doubted to disallow the repayment is the genuineness of unsecured loans received by the assessee in the earlier assessment years. - Decided against revenue
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