Legitimacy of Loans Established Through Banking Records and Lender Confirmations, No Tax Addition Warranted.

Monies received through regular banking channels, reflected in balance sheet. Lender furnished confirmations and director's statement recorded. No incriminating evidence found during search. Running account with lender evident from ledgers for multiple years. Source of lender's funds proved. ITAT held genuineness of transactions established, no addition u/s 68 warranted. Decided in assessee's favour. .....

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