Addition u/s 68 unjustified as genuineness of transaction proved with evidence: ITAT Kolkata

Iris Clothings Limited Vs DCIT (ITAT Kolkata) ITAT Kolkata held that addition u/s. 68 as unexplained cash credit unjustified as assessee has filed all the evidences concerning transactions to establish the identity and creditworthiness of the lenders and to prove the genuineness of the transactions. Facts- The appellant has mainly contested against the confirmation of addition of CIT(Appeals) of 3,57,85,862/- as made by Assessing Officer under section 68 of the Income Tax Act by treating the unsecured loans raised from 12 entities/companies along with interest of Rs.17,85,862/- as unexplained ...