Mere cash Deposit in Bank Account prior to issue of cheque not sufficient to held Loan as non genuine

Smt. Leela Kothari Vs ITO (ITAT Jaipur) The issue under consideration is whether the CIT(A) is correct in making an addition u/s 68 regarding loan received by assessee considering it as non genuine? In the currect case, the assessee is an Individual and proprietor of M/s. Leela Kothari. During the course of scrutiny assessment proceedings, the AO noted that the assessee has raised loans from various persons. In order to examine the conditions as provided under section 68, the AO issued notices under section 133(6) to 13 loan creditors. After receiving the response as well as confirmations and ...