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Assessing Officer's Demand for New Confirmation Unjustified; No Addition u/s 68 of Income Tax Act Valid.

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Full Text of the Document

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....Addition u/s 68 - The funds availed by the Assessee from Richie Rich had been returned several years ago and there was no justification for the AO to insist on a fresh confirmation. - no addition under Section 68 of the Act in respect of the transaction was sustainable. - HC....

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