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.
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