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2023 (9) TMI 891 - HC - Income TaxAdditions u/s 68 - Unsecured loans returned having not been proved with substantiating evidence - HELD THAT:- As the creditor’s bank statement was produced which disclosed a credit of the very same amount just prior to the alleged loan. The source of such credit was not proved before the authority. Hence, though the identity of the creditor was proved, neither was the creditworthiness of the creditor nor the genuineness of the transaction established. In the case of Mr. Alam also, though the identity of the creditor is established, proof of source of income and the genuineness of the transaction is wanting. We find no reason to interfere with the orders of the Tribunal and we find no questions of law arising from the order. The factual aspects have been dealt with elaborately and concurrently by the AO, the first Appellate Authority and the Tribunal. There is no perversity on the analysis of evidence produced and the same is also not in contravention of the binding precedents. In fact, the binding precedents support the order of the Tribunal affirming those of the lower authorities.
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