Taxpayer's Unexplained Deposits u/s 68 Deemed Valid; CIT(A) Deletes Addition Due to Lack of Lender Testimony.

Addition u/s 68 - unexplained deposits in bank account - The assessing officer has made the addition simply because the assessee failed to produce the lender. Merely because the assessee failed to produce the lender, cannot be the ground for disbelieving the transaction. The Ld.CIT(A), on the aforesaid facts, discussed, has rightly deleted the addition - AT .....

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