Addition of unsecured loan sustained as genuineness of transaction not established

Chandaka Chinnam Naidu Vs ITO (ITAT Visakhapatnam)

Held that addition of the amount of unsecured loan sustained as the assessee failed to establish the genuineness of the loan transactions except filing the affidavits.

Facts-

Assessing Officer(AO) observed that the assessee has shown unsecured loans of Rs.25,00,000/-, but failed to furnish any documentary evidences in support of identity, credit worthiness and genuineness of the transact

Please become a Premium member. If you are already a Premium member, login here to access the full content.