Addition u/s. 68 quashed as evidences establishing identity, creditworthiness and genuineness not invalidated

DCIT Vs Balajee Loha Pvt. Ltd (ITAT Raipur)

ITAT Raipur held that addition u/s. 68 of the Income Tax Act made without invalidating evidences establishing identity/ creditworthiness of investor and genuineness of transaction not justifiable. Accordingly, appeal of revenue dismissed.

Facts- The assessee / appellant is a Pvt. Ltd. Company, engaged in the business of manufacturing and trading steel products. Return of Income for AY 2014-15 was filed on 29.09.2014, declaring total income at NIL.

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