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Low Declared Income Alone Cannot Negate Creditworthiness – Section 68 Addition Deleted
Case Law Details
- Case Name
- DCIT Vs ANR International Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs ANR International Pvt. Ltd. (ITAT Delhi)
Share Premium Addition Quashed Because Investors’ Net Worth Supported the Investments; ITAT Upholds Rule 46A Evidence Because AO Allowed Insufficient Time to Prove Creditworthiness; Section 68 Addition Deleted Because Identity, Genuineness, and Creditworthiness Were Established; ITAT Rules That Source of Source Need Not Be Proved for Relevant Assessment Year.
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting a...
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