Unexplained cash credits addition u/s. 68 sustained as identity and creditworthiness not proved

Ranar Agrochem Limited Vs DCIT (ITAT Visakhapatnam) ITAT Visakhapatnam held that addition towards unexplained cash credits under section 68 of the Income Tax Act upheld since assessee company failed to substantiate identity and creditworthiness of lender. Facts- AO vide his order passed u/s. 143(3) of the Act, dated 30/12/2016, made certain additions/disallowances to the returned income of the assessee company, viz. (i) disallowance u/s. 36(1)(va) of the assessee’s claim for deduction of the delayed deposit of the employees share of contribution towards PF and ESI: Rs. 2,32,202/-; (ii) disa...