Mere proving identity of creditor is insufficient, genuineness of transaction is also to be proved

Anup Trade And Transport (P) Limited Vs DCIT (ITAT Guwahati) ITAT Guwahati held that submission of documents proved the identity of the creditors, however, genuineness of the transactions is not proved. Matter set aside for fresh consideration. Facts- The case of the assessee was selected for scrutiny assessment and a notice under section 143(2) was issued and served upon the assessee. AO had received information that M/s. Amtek Financial Consultants Pvt. Limited had advanced unsecured loans to the assessee and received interest on unsecured loans. Notably, during regular assessment proceeding...