Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Brief of the case: In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough. Mere payment by account payee cheque cannot make a non- genuine transaction genuine. Facts of the case: The assessee is a private limited company and is engaged in the business of software development. The assessee filed its return of income for the impugned assessment year on 29-01-2009. During the course of scrutiny assessment the Assessing...