Addition u/s 68 cannot be made solely on the ground of non-production of payer’s bank statement

 Brief of the case:

• The ITAT Delhi in the case of Shri Ashutosh Garg vs. ACIT held that when the assessee had produced his copy of bank accounts showing the advancing of loan to non-resident and its repayment collection along with affidavit filed both by non-resident and assessee , the creditworthiness and genuineness of transaction gets proved and merely because assessee failed to produce the bank account copies of payer does not make the transaction unexplained Wit

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