Addition for unsecured loan justified for failure to provide supporting evidences

Vijay Gupta Vs ITO (ITAT Delhi) We find that the AO had noticed that various discrepancies in respect of claim of unsecured loans received from the various parties by the assessee. Even before this Tribunal, the assessee has grossly failed to substantiate his claim and negligently did not appear before the Tribunal despite having given various opportunities. The assessee was required to prove identity of creditors, genuineness of transaction and creditworthiness of creditors. The assessee grossly failed to do so. Therefore, in the absence of the supporting evidences regarding claim of unsecure...