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Addition u/s 68 invalid if Transaction genuineness & Creditors identity/creditworthiness proved
Case Law Details
- Case Name
- KMG International Ltd Vs ACIT (ITAT Delhi)
- 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 Delhi
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KMG International Ltd Vs ACIT (ITAT Delhi)
ITAT Delhi held that addition under section 68 towards unsecured loan amount unjustified as identity and creditworthiness of creditors and genuineness of transaction duly proved by way of documentary evidences.
Facts- The assessee submitted that the ld CIT(A) erred in law and on facts in confirming the disallowance of Rs. 31,55,000/- u/s 68 for the amounts received as loans from Mrs. Vinita Surana Rs. 4,00,000/-, Mrs. Dhani Devi Surana Rs. 6,00,000/-, Mr. Radhey Shyam Khemka Rs. 1,60,000/-, Shree Lal Vijay Kumar Bagla HUF Rs. 2,75,000...
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