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2013 (12) TMI 1257 - ALLAHABAD HIGH COURTGenuineness of unsecured loans and creditworthiness of lenders - Held that:- After the initial burden was discharged by the appellant-assessee, the AO did not accept the application to summon the creditors and proceeded to examine the records namely the bank accounts to find out whether the unsecured loan transactions were genuine - He considered each and every loan transaction and found that none of the individual unsecured creditors could be said to be creditworthy to advance loans for such amounts - The findings recorded by the AO about the creditworthiness of some unsecured loans out of total unsecured loans, does not suffer from any error of law - The AO didnot failed to exercise his jurisdiction in refusing to summon the file of unsecured creditors other than one who had appeared and was examined - Decided against assessee.
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