2017 (4) TMI 1668

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....sing Officer has erred in making addition u/s. 68 of the Income Tax Act, 1961. b) That identity, creditworthiness and genuineness of the transactions have been proved beyond doubt. c) That the several observations as made and inferences drawn are untenable, incorrect, unwarranted." 3. The brief facts of the case as are emanating from the order of the AO are reproduced hereinbelow: "3. The assessee was required to produce the directors of the two companies, namely, M/s Hum Tum Marketing Pvt. Ltd. & Mls Victory Software Pvt. Ltd., from whom it had made transactions, for statements vide order sheet entry dated 08.10.2014. The assessee has filed copy of account of both the companies, but he failed to produce them f....

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....modation entries. Even multiple opportunities were afforded to the assessee to prove its claim by producing these parties, namely, M/s Hum Tum Marketing Pvt. Ltd & M/s. Victory Software Pvt. Ltd., but the assessee failed to avail these opportunities and the creditworthiness, genuineness and identity of the depositors remained totally unexplained at the end of the assessee and the same are, therefore, liable to add to be added to the total income of the assessee. Accordingly, the amount of Rs. 10,00,000/- & Rs. 15,00,000/- totaling to Rs. 25,00,000/- is added u/s. 68 of the I.T. Act, 1961 as unexplained cash credit ...." 4. Learned CIT(A) has confirmed the action of the AO. 5. I have heard the rival contentions and perused the facts of....