Once identity & creditworthiness of parties and genuineness of transaction proved, section 68 cannot be invoked

Issue before court: Whether AO can made addition u/s 68 if primary onus of proving identity, creditworthiness and genuineness was discharged by assessee. Whether AO should make proper and due enquiry before invoking provision of section 68. Brief Facts: Assessee was engaged in the sale & purchase of property. During assessment proceedings show cause notice was issued to issue pertaining to two huge amount reflected in his bank statement. The assessee explained that these amounts were consideration received either fully or in part and in some cases paid back during the concerned period a...