Unexplained cash credit u/s 68 of IT act

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Dhaval Desai (Querist)
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02 June 2009 AO has treated the loans as unexplained cash credit.
The assessee has received the loans through banking channels. The assessee has requested the lenders to submit the bank statements & confirmation letters and the same has been submitted during appeal proceedings.
To prove the guineness of the loans the department wants to prove the identity of the lenders but the lenders are not attending.
In such situations What will be your advise? and give us any case laws in this regards.

taxindiaconnect

taxindiaconnect (Expert)
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02 June 2009 Dhaval,

The onus of proving the genuineness of the transaction is on the assessee. You should try to get the lenders presence recorded before AO.

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