Loan from Shell Company Validated u/s 68; Additions Deleted After Proving Genuine Business Use and Repayment.

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....Addition u/s 68 - Loan taken from shell company - There is no dispute with regard to utilization of funds in the business and applied for the business purpose. As long as it is utilized in the business and the assessee has demonstrated that it has repaid the same along with the relevant interest, it does demonstrate that the present transaction made by the assessee is proper and for the purpose of business, therefore the transaction can only be treated as genuine business transaction. - Additions deleted - AT....