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2020 (9) TMI 239 - ITAT HYDERABADAddition u/s 68 r.w.s. 115BBE - unsecured loans received by the assessee from various companies/persons - HELD THAT:- Some of the subscribes to the share capital as well as unsecured creditors are genuine creditors and their credit worthiness can be established, provided the opportunity is given to the assessee. As submitted by the assessee that some of the creditors are assessed in Hyderabad and filing the returns regularly. Though the entire facts were placed before the CIT (A), it seems that the learned CIT (A) did not consider the evidences placed before him - issues needs to be verified by the AO with regard to the genuineness and the creditworthiness of the creditors as well as the share applicants/share applications money received by the assessee. We remit back the matter to the file of the AO to redo the assessment de nova taking into consideration of all the evidences placed before him by the assessee - direct the AO to consider the issue of addition with regard to the opening balance and set off of losses u/s 115BBE as per the law and in the light of the board Circular issued by the CBDT in circular No.11 of 2009. - Appeals are allowed for statistical purposes.
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