Genuineness of unsecured loan transaction couldn't be proved merely by providing PAN and bank statements of lender

INCOME TAX: Where assessee received unsecured loan from a person outside India but failed to produce relevant documents to prove identity and creditworthiness of creditor and genuineness of transaction either before Assessing Officer or before Commissioner (Appeals), certain documents produced by assessee during instant appeal before High Court under section 260A could not be accepted and, therefore, impugned addition made under section 68 in respect of said loan was justified

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