Section 68: Identity and credit worthiness of creditors not establishes with mere Submission of Name and address not sufficient

It was submitted by learned AR of the assessee that addresses of the persons from whom deposits were received was provided by the assessee to the AO but AO did not make efforts to make verification from these persons. At this juncture, a query was raised by the bench as to whether the assessee had fulfilled its obligations of establishing the identity and credit worthiness of the persons from whom the cash credit was received and establishing the genuineness of the transactions as required under section 68. In reply, the learned AR of the assessee could not produce anything in respect of ident...