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. Subsequently, assessment proceedings u/s 143(3) are completed vide order dated 27.12.2016 after makin...