Shanti Prime Publication Pvt. Ltd.
Sec. 68 of Income Tax Act, 1961—Cash Credit— It is settled position of law that to avoid the rigors of Section 68, the assessee must prove the identity, creditworthiness of the lenders / investors to advance such monies and genuineness of the transactions - On a thorough consideration of the matter, the first appellate authority had returned a clear finding of fact that assessee had discharged its onus of proving identity of the creditors, genuineness of the transactions and creditworthiness of the creditors which finding of fact stood affirmed by the Tribunal, thus, no question of law arises - BINI BUILDERS PVT. LTD. V/s DEPUTY CIT - [2020] 185 ITD 236 (ITAT-MUMBAI)