Addition u/s 68 sustainable on failure to establish genuineness and creditworthiness of lender

Softtouch Cosmetic (Mktg) P. Ltd. Vs ITO (ITAT Ahmedabad)

Held that since the receiver has failed to establish the creditworthiness of the lender and genuineness of the transaction, addition u/s. 68 as unexplained cash credit sustainable.

Facts-

AO noted that the assessee had received a loan of 1,78,66,925/- from M/s S. M. Traders, the proprietary firm of Shri Hareshbhai R. Parmar. The assessee furnished PAN, confirmation of the said par

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