Section 68 Cannot be invoked merely on the basis of Presumptions

Brief of the case It has been held in case of Mukesh V. Prajapati Vs ITO (Ahmedabad ITAT), that the amount of cash credits shown as loan taken from various relatives , cannot be added as unexplained credit under  sec 68 just on the presumption that the sources of the fund is not genuine  when  there  is no material on record apart from these presumptions so as to doubt source/genuineness/creditworthiness of the assessee’s claim. Facts of the Case The assesse is partner in a firm M/s. Jay Ambe Agro Industries. The Assessing Officer noticed him to have introduced additional capital worth R...