Funding of loans from parties not assessable to tax casts doubt over sanctity of funds; HC upheld se

IT: Where assessee received loan from creditors who were not even taxpayers and, moreover, Assessing Officer had made sufficient inquiries and found that entire loan transaction was not genuine and essentially amounted to routing cash amount of assessee through alleged source, in such a situation, addition made under section 68 in respect of loan amount was to be confirmed