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No Addition u/s 68 if identity, creditworthiness & genuineness established
Case Law Details
- Case Name
- DCIT Vs M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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The CIT(A) has recorded a categorical finding on the basis of material placed on record to the effect that all the three conditions regarding identity, creditworthiness and genuineness of the loan creditors were duly established. Since the findings are as per material on record,so no addition u/s 68 can be made.
Facts of the Case
Facts in brief are that the assessee is engaged in the business of execution of projects in the infrastructure sector. During the course of assessment, the AO observed that during the year there was increase in share capital by Rs.14 crores and the amount had been rec...
