Section 68: No Addition for Loans via Banking Channels Due to Lack of Adverse Info or Cash Deposit Allegations.

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Full Text of the Document

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....Addition u/s 68 - proof of identity, creditworthiness and genuineness of the loan obtained - loans have been advanced by the companies through banking channels or from their own funds and there is no allegation of the AO that there was cash deposits in the bank accounts by these lenders before providing loans and there was no adverse information with the AO in respect of the lenders - no addition....