Unsecured Loan Addition as Unexplained Cash Credit Overturned; Creditors Verified and Loan Repaid Promptly.

Addition u/s 68 - unsecured loan treated as unexplained cash credit - Even all the creditors have duly confirmed the transactions and also established the source of the credits and the loan being also repaid in a short span of time. CIT(A), therefore, has rightly held that the addition made by the AO was not justified. - AT .....

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