Addition u/s 68 unsustainable as identity, creditworthiness and genuineness satisfied

ITO Vs Sitka Mercantile (ITAT Kolkata) ITAT Kolkata held that addition of unexplained cash credit u/s 68 of the Income Tax Act unsustainable as identity, creditworthiness of the investors and genuineness of the transactions duly proved. Facts- The assessee filed return of income u/s. 139(1) of the Act. The return was processed u/s. 143(1) of the Act. Thereafter the case of the assessee was reopened by issuing notice u/s 148 of the Act stating that the income of the assessee has escaped assessment. Thereafter during the course of reassessment proceedings, the AO called for various evidences sub...