ITAT Hyderabad Upholds Section 68 Additions, Denies Section 80C deduction

Srinivasa Rao Bathini Warangal Vs ITO (ITAT Hyderabad) ITAT Hyderabad dismissed the appeals of Srinivasa Rao Bathini Warangal, upholding the Assessing Officer’s (AO) decision to add unexplained cash credits under Section 68 of the Income Tax Act. The case involved cash deposits in the assessee’s bank account, which he claimed were loans from multiple individuals, including agriculturists and businesspersons. However, he failed to provide sufficient evidence to establish the genuineness of the transactions or the creditworthiness of the lenders. The affidavits submitted were deemed stereoty...