Addition u/s 68 was unsustainable without rebuttal of NBFC genuineness or tracing money trail

Bestech Hospitalities Pvt. Ltd. Vs DCIT (ITAT Delhi) Conclusion: Addition under Section 68 could not be sustained where assessee has established the genuineness of a Non-banking financial company (NBFC) investor, and the AO failed to rebut such evidence or trace any money trail linking the assessee to the invested funds. Held: Assessee was a private limited company engaged in the hospitality business and was subjected to search and seizure proceedings under Section 132, pursuant to which the assessment was completed under Section 153A. During the assessment year (AY) 2011-12, AO observed that ...