Addition u/s. 68 justified if creditworthiness of creditor & genuineness of transaction not proved

HIGH COURT OF ANDHRA PRADESH Dr. D. Siva Sankara Rao Versus Income-tax Officer I.T.T.A.NO. 6 OF 2012 NOVEMBER 27, 2012 JUDGMENT M.S. Ramachandra Rao, J. – This appeal is filed under Section 260-A of the Income Tax Act, 1961 (for short ‘the Act’) by the assessee challenging the order dated 16-03-2007 in I.T.A.No.8/Vizag/2006 of the Income Tax Appellate Tribunal, “SMC”, Visakhapatnam relating to the assessment year 2002-2003. 2. The Kartha of the appellant/assessee HUF by name Dr. D. Siva Sankara Rao is a medical practitioner running a hospital by n...