Unexplained Cash Credits Denied: Assessee Proves Identity, Creditworthiness, and Transaction Genuineness u/s 68 of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Unexplained cash credit u/s 68 - Director-promoter of the lending companies have already confessed during the survey action that the lending companies controlled by them are bogus companies engaged in providing accommodation entries - the assessee has discharged the onus cast upon him as he has filed all the documents proving identity , creditworthiness of the parties and genuineness of the transactions and therefore the addition can not be made u/s 68 - AT....