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2024 (1) TMI 649 - ITAT MUMBAIAddition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - assessee submitted no addition could be made on the basis of the third party evidence unless copy of the same is provided to the assessee - HELD THAT:- As contention of the AO that cash loan would had been extended out of accumulated cash balance by way of showing low house withdrawals, can’t withstand. Further, it is not understandable as how the cash loan are unexplained, when the AO has not indicated any source of cash accumulation as from undisclosed sources, thus, even otherwise extending of such cash loans out of accumulated cash balance (presumably out of cash saved by way not showing full household withdrawal) does not justify for addition u/s 68. Thus, in our opinion, there no circumstances evidences, which indicate or establish that the assessee would have extended cash loan to ‘Wadhwa group’ except the statement of ‘Wadhwa group’ but no such documents in support of contention have been supplied to the assessee. Therefore, in view of the decision in the case of CIT v. Ashwani Gupta [2010 (2) TMI 42 - DELHI HIGH COURT] the action of the AO being in violation of principle of natural justice, the deletion of the addition by the CIT(A) is justified. We do not find any infirmity in the order of the Ld. CIT(A) in deleting the addition. The grounds of the appeal of the Revenue are accordingly dismissed.
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