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2022 (7) TMI 552 - AT - Income TaxAddition u/s 68 - Addition of loan - addition has been made on the assumption that the loan taken from M/s Index Securities and Research Pvt Ltd. is not genuine - HELD THAT:- A perusal of the assessment order shows that nowhere the Assessing Officer nor the ld. CIT(A) have taken any adverse view in respect of documentary evidences furnished by the assessee. The entire addition has been made on the basis of statement of third parties on the basis of which the AO came to the conclusion that the assessee is a beneficiary of accommodation entries but nowhere any evidence has been brought on record to demonstrate that the assessee has, in fact, purchased cheques by paying cash to M/s Index Securities and Research Pvt Ltd. The assessment framed in the case of M/s Index Securities and Research Pvt Ltd. and as mentioned elsewhere, the quarrel before the Hon'ble High Court of Delhi conclusively proves that M/s Index Securities and Research Pvt Ltd. is an identified person having sufficient funds to lend the money to the assessee and since the transactions have been made through banking channel and as mentioned hereinabove, loan taken from M/s Index Securities and Research Pvt Ltd. have been repaid by the assessee. Interest payment was subject to tax deducted at source. Considering these plethora of evidences, we have no hesitation to conclude that the assessee has conclusively discharged the burden cast upon it by provisions of section 68 - We, accordingly, direct the Assessing Officer to delete the impugned additions from the respective Assessment Years. - Decided in favour of assessee.
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