Addition u/s. 68 deleted as identity, genuineness and creditworthiness of lenders established

Abhaykumar Sevantilal Sanghavi Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that additions under section 68 of the Income Tax Act is not sustainable since assessee established identity, genuineness and creditworthiness of the lenders. Accordingly, addition u/s. 68 deleted.

Facts- The cases of the assessee were selected for scrutiny under CASS. The assessments were completed by passing orders u/s 143(3) of the Act with some additions. CIT(A) dismissed the appeal by sustaining all additions and disallowances made by the AO. The primary basis for the decisions

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