Addition towards unexplained cash deposit unsustainable as creditworthiness and genuineness proved

JCIT (OSD) Vs Siva Prasad Nidamarthy (ITAT Hyderabad) ITAT Hyderabad held that addition towards unexplained cash deposit unsustainable as onus of establishing the creditworthiness and genuineness of the transaction duly proved by the assessee. Facts- During the course of assessment proceedings, AO found a sum of Rs.6,39,42,000/- stood deposited in SBH, Sanathnagar and Kukatpally Branches. According to AO, assessee explained such deposits only to the extent of Rs. 5,38,89,000/- leaving a balance of Rs. 1,00,53,000/- unexplained and, therefore, added the same to the income of the assessee. Furth...