Money lender not present at the address proves lack of genuineness of transaction

ACIT Vs Hare Krishna Orchid (ITAT Delhi) Held that persons who have given loan are not present at their address which clearly shows the lack of genuineness of the transactions. Receipt of the amount in their bank accounts immediately before giving the loans further cast doubt of the creditworthiness. Facts- The present appeal is preferred by the revenue alleging that CIT(A) erred in deleting addition of Rs. 4,33,18,870/- made on account of unsecured loan u/s 68 of the Income Tax Act. Revenue submitted that there is no iota of evidence about the existence of the persons who have given loan, the...