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Court Rules Genuine Transactions Through Banks u/s 68; Dismisses Additions by Assessing Officer as Unsustainable.

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Full Text of the Document

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....Addition u/s 68 - allegation that assessee had taken bogus loans from individuals who were engaged in cheque discounting activities - if the transaction is through regular banking channels and creditor has confirmed the transactions, such transactions are genuine and therefore, addition made by the assessing officer are not sustainable. - HC....

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