AO’s Addition u/s 68 Unsustainable: Assessee Proves Identity, Creditworthiness & Genuineness – ITAT

ACIT Vs Rishi Infratach Pvt Ltd (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) in Delhi recently adjudicated a case between the Assistant Commissioner of Income Tax (ACIT) and Rishi Infratach Pvt Ltd. The dispute arose from the addition of Rs. 5,95,87,500 made by the Assessing Officer under Section 68 of the Income Tax Act. The Core Issue: The crux of the issue in this case is whether the addition made by the Assessing Officer under Section 68 of the Income Tax Act was justified. The Assessing Officer questioned the genuineness and creditworthiness of the parties involved ...