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2018 (10) TMI 924 - AT - Income TaxAddition u/s 69A on account of unexplained unsecured loans - Held that:- There is a material on record and finding of fact by the Ld. CIT(A) which has not been rebutted by the department that out of the said amount added by the AO, sums aggregating to ₹ 89,42,500/- were in fact cheques given to the assessee on 31.3.2010 which were not presented to the bank before the end of the year and once the amount has not been received during the year nor credited in the bank account of the assessee or in the books, then no addition for amount of ₹ 89,42,500/- could have been made. The remaining balance amount of ₹ 45,02,898/- relates to purchases made from M/s. Raj Overseas, where regular running ledger account and other documents like purchase bills, etc., were produced before the authorities below to show that it is a genuine purchase transaction and how this amount has been treated as unsecured loan by the AO is not clear. Apart from these facts, it is also noted that these parties in response to the notices u/s 133(6) have clearly confirmed this aspect, but AO without applying his mind on the material available on record has made the addition simply because these persons could have furnished their replies along with documentary evidences. Such observation de hors any material facts or evidences, we do not find any reasons for such an addition, therefore it has rightly been deleted by the Ld. CIT(A). - Decided in favour of assessee.
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