No requirement to prove source for receipts which is a case of repayment of loan

ITO Vs Vijay Dwellers Pvt. Ltd. (ITAT Mumbai)

In the given case, the appeal is filed by revenue against the order of Commissioner of Income Tax (Appeals). The issue here is that as per assessing officer there is requirement for assesse to prove the source of funds in the hands of the receipts received by assessee. 

The tribunal have heard the rival submission and conclude that since this is a case of repayment of loan given by the assessee, there is no requirement

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