Directors' affidavits confirm unsecured loans u/s 68; uncontested, presumed accurate per 1956 apex court precedent.

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....Unsecured loans u/s 68 - As the directors of the lending companies had filed affidavits confirming the loan transactions before the ld AO which had not been disputed. Once the averments made in the affidavit are not disputed or refuted, the same are to be construed as true and correct - Decision of apex court of 1956 followed - AT....