Addition u/s 68 deleted as genuineness and creditworthiness of lender proved: ITAT Delhi

Trident Towers Pvt. Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act on account of unsecured loan unjustified as assessee has submitted all the requisite documents proving genuineness and creditworthiness of the lender. Facts- The assessee is a company deriving income from dealing in commodities and letting out of properties. After completion of assessment u/s. 143(1), the assessment of the assessee company was sought to be reopened u/s. 148 based on reason to belief that unsecured loan of Rs. 90 Lakhs received from M/s. Powmex Sales Pvt. Ltd. is li...