Addition u/s 68 sustained as identity and creditworthiness of lenders not proved

Advertisement Santosh Chopra Vs ITO (ITAT Raipur) ITAT Raipur held that addition towards unexplained cash credits u/s 68 of the Income Tax Act sustained as assessee failed to prove the identity and creditworthiness of lenders of unsecured loans. Facts- During the course of the assessment proceedings, it was observed by the A.O that as per the records the assessee had outstanding unsecured loans of Rs. 62,89,310/- (Cr.). The A.O in order to verify the authenticity of the aforesaid loan transactions directed the assessee to place on record the confirmations a/w the bank accounts of the lender...