Assessee not required to prove source of amount in bank account of cash creditors: ITAT Jaipur

Advertisement Raj Kumari Agarwal Vs ACIT (ITAT Jaipur) ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Assessee is not required to prove the source of the amount in the bank accounts of the cash creditors. Thus, addition u/s. 68 deleted since genuineness of transaction proved. Facts- During the course of assessment proceedings AO found that assessee has shown receipt of loan from Smt. Suman Agarwal and Smt. Laxmi Agarwal. Based on evidence brought on record, AO noted that Smt. Laxmi Agarwal and Smt. Suman Agarwal d...