Section 68 Addition Justified Due to Unproven Genuineness & Creditworthiness: ITAT Ahmedabad

Anish Rajnikant Shah Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that genuineness of transaction, creditworthiness and identity of creditors not proved, hence addition u/s. 68 of the Income Tax Act towards unexplained credit duly sustained. Facts- AO, from the ITS statement, noticed that the assessee has made cash deposit in his Saving Bank Account maintained with IDBI Bank, amounting to Rs.21,51,200/-. The assessee has not filed its return of income u/s 139, for the impugned assessment year, and the source of cash deposit remained unexplained. The assessment in the case of the assessee was re...