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2020 (1) TMI 1047 - AT - Income TaxUnexplained cash credit u/s.68 - HELD THAT:- We find ‘the all is not well’ with the transactions involved in these three cases under consideration. We find that neither the creditors are substantially creditworthy nor the transactions are satisfactorily genuine. The issue is now settled by the legal proposition of law as per the decision of the Hon'ble Delhi High Court in the case of CIT Vs. N.R.Portfolio (P) Ltd. [2013 (11) TMI 1381 - DELHI HIGH COURT] in the matters of this kind. Mere bank transactions are coupled with existence of well structured documents is not adequate when there is cash deposits into the bank account few days before the date of issue of the cheque to the assessee. These questions are not answered even before us. Therefore, there is a failure on the part of the assessee to demonstrate the genuineness of the transaction and creditworthiness of the subscribers to the share capital. Considering the same, we are of the view that the decision of the CIT(A) in this regard is fair and reasonable and does not call for any interference. Accordingly, we sustain the addition made by the AO and confirmed by the CIT(A). The Grounds raised by assessee in this regard are dismissed.
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