Addition u/s 68 sustained as genuineness of the transaction not proved

Shalibhadra Exports Pvt Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved. Facts- The assessee has challenged the order of the ld. CIT(A) on various grounds, pertaining to reopening u/s. 147 of the Act beyond the period of four years and has also challenged the addition of Rs.96,08,47,680/- on account of unexplained cash credit u/s. 68 of the Act by ignoring the fact that there are multiple transaction and without ...