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2022 (7) TMI 511 - HC - Income TaxAddition u/s 68 - Unsecured loans - loans made by the Assessing Officer qua loans advanced - non-compliance of notices u/s 133(6) - HELD THAT:- A perusal of the paperbook reveals that CIT(A) and ITAT after examining the copies of audited financial statement, acknowledgement of return of income, confirmation from lender, bank statement of lender have held that the lenders are entities duly assessed to tax and have made unsecured loans through banking channels, which fact has not been denied nor rebutted in the assessment order. CIT(A) and ITAT have also categorically held that the Assessee had furnished complete details and evidences to discharge the burden in respect of unsecured loans reflecting in the financial statement of the assessee-company. It is settled law that non-compliance of notices under Section 133(6) of the Act to all entities giving unsecured loans cannot be the sole basis to make additions under Section 68 of the Act. Consequently, this Court is of the view that it would not be justified in reversing in second appeal the concurrent finding of facts recorded by two authorities below, especially when the said findings suffer from no perversity. [See: Ram Kumar Aggarwal & Anr. Vs. Thawar Das (through LRs), [1999 (8) TMI 1008 - SUPREME COURT] and State of Haryana & Ors. Vs. Khalsa Motor Limited & Ors [1990 (8) TMI 416 - SUPREME COURT].]
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