Receipt of amount via banking channel doesn’t make transaction genuine

Mayuri P. Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that mere receipt of amount via banking channel doesn’t make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties. Facts- During the course of assessment proceeding, the AO found that the assessee has shown unsecured loan from three parties. The assessee in support of impugned loan transactions only furnished copy of confirmation letter from the loan parties. Thereafter, the AO issued notice ...