Genuineness & creditworthiness of lenders cannot be disbelieved if they filed ITR & confirmations

Himanshu Bhardwaj Vs ITO (ITAT Delhi) It is not in dispute that all the lenders are Income tax assesses and they have confirmed that they have lent money to the assessee. Each one of the lenders have lent 19,000/- rupees to the assessee. The list of lenders show that all of them are either relatives like father, mother, brother, cousin brother, father’s sister (Bua Ji) brother’s wife (Tai Ji) and friends It is observed that in the remand proceedings the Assessing Officer never asked for any supporting evidences to establish the sources for lending the un-secured loans to the assessee. The ...