Mere suspicion of transaction cannot conclude unsecured loan as unexplained

ACIT Vs Harvansh P. Chawla (ITAT Delhi)

Facts- Based on the email from Mr. Michael Boettcher, AO alleged undisclosed income of $7,000,000 (i.e., INR 28,00,00,000. Unsecured loan was received by the Assessee from various parties and the addition was made by the AO treating the same as unexplained income.

Conclusion-

Undisclosed income – it is concluded that there is no liabilities on the part of the assessee and the revenue could not bring about

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