Addition towards unsecured loan deleted as genuineness proved with documentary evidence

ACIT Vs L G Choudhary (ITAT Ahmedabad) ITAT Ahmedabad held that addition towards unsecured loan is liable to be deleted since assessee has duly discharged its onus of proving the genuineness of the unsecured loan with documentary evidences. Accordingly, appeal of the assessee allowed to that extent. Facts- The assessee is a partnership firm engaged in the business of Civil Contractor. During the impugned year, survey u/s.133A of the Act was conducted on the assesee’s business premises on 17.09.2016. Thereafter, assessment was framed disallowance of purchase admitted to be bogus by the assess...