Unsecured loan cash credits and s.68 proof of identity, creditworthiness, genuineness-petition dismissed; deletion of additions upheld.

In a challenge to deletion of additions for unexplained cash credits/unsecured loans under s.68 of the Income-tax Act, the SC considered whether the assessee's onus to establish identity, creditworthiness, and genuineness raised any substantial question warranting interference. Holding that the matter did not merit exercise of discretionary jurisdiction under Art. 136 and finding no basis to disturb the HC's affirmation of the ITAT's order setting aside the first appellate authority's confirmation of the addition, the SC dismissed the petition, leaving the ITAT's deletion of the s.68 addition undisturbed.

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Delay was condoned. After hearing counsel for the petitioner, the Court declined to grant special leave, holding: "we are not satisfied that it is a fit case to exercise our discretion under Article 136 of the Constitution of India." On that basis, the petition was dismissed. Any pending application(s) were disposed of as a consequence of the dismissal.

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