The assessee claimed that Rs. 14 lakhs credited in its books was an unsecured loan from Gee Wire Pvt  Ltd. The so-called loan agreement was found to be highly unusual, as it carried no interest, imposed no real repayment obligation, and contained vague repayment terms dependent on mutual consent. Since the lender was a private limited company that had been struck off, the assessee was expected to establish genuineness by producing its erstwhile directors or other reliable evidence, but failed to do so. The contention that the AO ought to have issued notice to the lender was rejected, as the initial onus under section 68 was on the assessee and stood undischarged. The plea that section 41(1) and not section 68 applied was also rejected, since once the very genuineness of the loan was not proved, no enforceable liability had ever crystallised in law. Accordingly, the addition under section 68 was upheld by High court.   SLP dismissed. (AY. 2018-19)