Genuineness of Unsecured Loan if assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement alongwith Confirmation

Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)-  Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement for FY 2006-07 relevant to Assessment Year 2007-08 along with confirmation from Shri Amit Kr. Jain. Before us it was contended that neither the Assessing Officer nor CIT(A) has properly appraised the facts regarding this loan of Rs. 3 lacs as the assessee in his return of income f...