ITAT deletes addition for loan taken as Assessee duly proved source & identity

Balaji Janakiraman Vs ACIT (OSD) (ITAT Chennai) In the case of Smt. NS. Lakshmi, the assessee had taken a sum of Rs.20 lakhs through bank, and out of Rs.20 lakhs, the AO has accepted a sum of Rs.6 lakhs as genuine, and the remaining amount of Rs.14 lakhs has been added as unexplained credit. The assessee filed bank pass book of Smt. NS. Lakshmi. From the above, it is noticed that the creditor has availed FDR loan of Rs.14,38,000/- and the same has been credited to her bank account on 28.02.2013 and on 02.03.2013, she had transferred a sum of Rs.20 lakhs to the assessee’s bank account. From t...