Loan received out of Bogus Share Capital of lender- Unexplained Income?

If appellant explained source of loans received by it and duly discharges the onus cast on him under section 68 of Income Tax Act 1961 than despite the fact that lender may have raised bogus share capital to advance  funds to appellant does not mean that loan received by appellant can be treated as unexplained income under section 68 of Income Tax Act, 1961. If the Ld. Assessing Officer was apprehensive about the genuineness of the amount, he was duty bound to examine in the hands of the M/s Encee Securities Pvt. Ltd. or its share holders. At least, the money was germinated from the hands o...