Explanation of source of small loans from friends cannot be dismissed as unbelievable

Arunkumaar Thakurprasad Oza Preet Avenue Vs ITO (ITAT Ahmedabad)

Held that the explanation of the source of these very small loans as given by friends of the assessee to help him in his share trading transactions, and which has been confirmed by two parties, cannot be dismissed as unbelievable.

Facts-

Against the order of CIT(A), the assessee contended on following points –

1. Cash deposits in bank account of the assessee with IDBI Bank and HDFC remained unexplained amounting to Rs.49,000/- and Rs.41,900/- respectively.

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