Assessee borrower not liable to prove the source of funds in the hands of lender

Brief of the case:

• The ITAT Amritsar bench in case of Sh. Dushiant Kumar vs. ITO held that it is not the responsibility of the assessee to prove the source of funds in the hands of lender so long as he produce the lender before the AO who confirm the fact of lending money to assessee.
• Further, the fact that lender was not paid any interest and could not state the exact date of receiving the amount lent back could not be considered as sufficient reason to assessee the loan as suppressed income of

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