Bank Statement Enough to Test Loan Creditworthiness: ITAT Delhi deletes Section 68 Addition

Sidhi Vinayak Foundation Vs ITO (ITAT Delhi) ITAT Delhi Restores Section 68 Addition: Bank Statement Sufficient to Prove Creditworthiness The Delhi SMC Bench of the ITAT allowed the appeal of Sidhi Vinayak Foundation (AY 2018-19) for statistical purposes and set aside the order of the NFAC/CIT(A) confirming addition of ₹16 lakh under section 68 in respect of an unsecured loan. The assessee-society, engaged in running an educational institution, had received an unsecured loan from Shri Chander Hash, a Chartered Accountant and partner in a firm. During assessment, the AO accepted the identity ...