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ITAT dismissed the Revenue's appeal challenging deletion of addition u/s 68 r.w.s. 115BBE on account of alleged bogus unsecured loan. The CIT(A), after conducting independent inquiries, found that the lender company possessed adequate creditworthiness and that the transaction was genuine, thus satisfying the conditions of s.68. The Revenue failed to rebut these factual findings or produce contrary material. ITAT upheld the CIT(A)'s conclusion that the loan of INR 25 lakhs could not be treated as unexplained cash credit. Consequently, the corresponding disallowance of interest on such loan was also set aside and allowed as deductible business expenditure.
ITAT dismissed the Revenue's appeal challenging deletion of addition u/s 68 r.w.s. 115BBE on account of alleged bogus unsecured loan. The CIT(A), after conducting independent inquiries, found that the lender company possessed adequate creditworthiness and that the transaction was genuine, thus satisfying the conditions of s.68. The Revenue failed to rebut these factual findings or produce contrary material. ITAT upheld the CIT(A)'s conclusion that the loan of INR 25 lakhs could not be treated as unexplained cash credit. Consequently, the corresponding disallowance of interest on such loan was also set aside and allowed as deductible business expenditure.
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