Addition justified if creditworthiness of parties & genuineness of transaction not established

Ms Shree Krishana Kripa Feeds Vs CIT (Punjab & Haryana High Court) Hon’ble High Court held that  addition on account of undisclosed income is sustainable where creditworthiness of parties and genuineness of transaction was not established by assessee. The genuineness and credit worthiness of these unsecured loans have not been established by the assessee and the initial onus had therefore not been discharged by the assessee. On the other hand the assessee has only emphasized that Income Tax Return, PAN and other details have been filed by the assessee before the AO and therefore the...