Unsecured Loan Validity Upheld: Verbal Contracts Between Known Parties Accepted, Additions Deleted Due to Proven Genuineness.

Unexplained unsecured loans - the assessee in reply had submitted that the contract can be either verbal or written and simply non availability of a written contract would not make the loan non-genuine and in private arrangement of loan between known persons, no practice of entering into a loan agreement is followed. - the lenders are regular tax assessees and have given the loan through account payee cheques and have confirmed the transaction then the liability of the assessee of explaining the genuineness of the transaction stands discharged - Additions deleted - AT .....

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