The assessee established the identity, creditworthiness and genuineness of the lenders by producing confirmations, bank statements, financial statements, income-tax returns and ledger accounts. The Tribunal held that there were regular running accounts between the assessee and the lenders involving advances, repayments and fresh loans. The Assessing Officer relied upon external information without examining the documentary evidence or making proper enquiries. Repayment of loans earlier advanced by the assessee could not be treated as unexplained cash credits. The additions under section 68 were therefore deleted. (AY. 2020-21).