Section 68 addition justified for Bogus Unexplained Creditors

Malay Prasad Vs ACIT (ITAT Allahabad) As could be seen from provisions of Section 68 of the 1961 Act that if any sum is found credited in the books of accounts maintained for any previous year , and the assessee offers no explanation about the nature and source thereof or the explanation offered by the assessee is not , in the opinion of AO , satisfactory , the sum so credited may be charged to income-tax as the income of the assessee for that previous year. There has been fresh cash deposits in the bank accounts of the assessee maintained with ICICI Bank to the tune of Rs. 3,22,68,500/- in th...