Addition u/s 68 sustained as onus to prove identity & creditworthiness of creditors not discharged

Ghaus Memorial Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Allahabad) Held that assessee failed to explain identity and creditworthiness of the creditors and genuineness of the transaction. Accordingly, addition u/s 68 sustained. Facts- The assessee has preferred the present appeal mainly on confirming addition to the tune of Rs. 64,62,054/- towards unexplained fresh deposits raised during the impugned assessment year. Conclusion- Held that fresh deposits being advance for land from members to the tune of Rs. 64,62,054/- raised by assessee from members during the year under consideration, are in th...