Section 68 of the Income Tax Act, 1961— Cash Credit — The burden in the first instance to disclose that the amounts were duly paid, in the course of regular commercial transaction, by establishing the identity of the recipients, genuineness of the transaction and the creditworthiness of the party concerned lay with the assessee, clearly, it made some attempt to disclose the identity but was unsuccessful because none of the suppliers could be traced and the genuineness of the transaction too could not be established and expenditure claimed was bogus and the Tribunal, for strange and unexplained reasons, applied the GP ratio which was entirely unwarranted and thus, reduced the tax liability of the assessee drastically which was not correct — PR. CIT vs. Wadhwan designs. [2020] 313 CTR 173 (DEL)