Addition for loan received after deposit of Cash in Bank Account of loaner

CA Sandeep Kanoi In the case of Ghisulal S. Jain(HUF) Vs. CIT,  ITAT Mumbai has confirmed the addition in respect of loan received by the Assessee in the cases in which Loaner has given the loan to Assessee after depositing the cash in his bank account and on failure to establish creditworthiness of the Loaner. It further held that merely because the transactions have taken place through banking channels, is not sufficient to establish that the loans taken by the assessee are genuine. The onus is on the assessee to prove the nature and source of the amount found credited in the books of the a...