Assessing Officer made addition owing to unaccounted cash receipts on ground that assessee failed to establish identity and creditworthiness of creditors from whom he had received a huge amount of Rs. 8.49 crores . CIT (A) affirmed the order of the AO.  On appeal, Tribunal accepted assessee’s explanation that said amount was transferred into assessee’s bank account from out of bank accounts of his brother-in-law and a close friend and, further, that said creditors confirmed to have made payment to assessee  and deleted the addition .  Onn appeal by the revenue the Court held that the  Tribunal ignored vital facts emanating from record that said creditors had not produced evidence to establish their capacity to raise such a huge amount and also that they were not clear about their precise role in transaction involving said amount . The Court also observed that merely pointing out to a source and the source admitting that it has made the payments is not sufficient to discharge the burden placed on the assessees by s. 68. The explanation has to be plausible and backed by reliable evidence. ‘Fantastic or unacceptable’ explanations are not acceptable  (TXA NO.18 & 19-2014 dt 14-10 -2020) .