Addition u/s 68 unsustainable as identity, creditworthiness and genuineness of transaction duly proved

ACIT Vs KRBL Foods Ltd (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act unsustainable in as much as identity, creditworthiness of the creditors and genuineness of the transaction duly proved by the assessee. Facts- The assessee is an Indian company. A search and seizure operation u/s. 132 of the Act was conducted in case of the assessee as well as other group entities. As a consequence of proceeding notice u/s. 153A of the Act was initiated against the assessee. In response to notice issued u/s. 153A of the Act, the assessee filed its return of income declaring...