Dismissing the appeal of the assessee the Court held that ;neither the creditworthiness nor the genuineness of the parties had been established by the assessee. The detailed investigations carried out by the Assessing Officer established the position that the contributors to share capital were persons of insignificant means and their creditworthiness to have made the contributions had not been established. The assessing authority had put the result of his enquiries to the assessee and had granted opportunity to offer its explanations. The assessee, however, failed to establish the genuineness of the cash contributions as well as the capacity of the persons to have made such contributions. (AY.2001-02)