Section 68 Addition sustained as creditworthiness of lender not proved: ITAT Visakhapatnam

ACE Urban Developers Private Limited Vs ACIT (ITAT Visakhapatnam) ITAT Visakhapatnam held that addition under section 68 of the Income Tax Act towards unsecured loan sustained as creditworthiness of the lender not proved. Accordingly, ground raised by the assessee dismissed. Facts- The assessee is a domestic company engaged in the business of development of smart cities. The assessee filed its Return of Income for the impugned Assessment Year on 17.10.2016 admitting total loss at Rs.1,48,76,020/-. The case was selected for complete scrutiny. AO completed the assessment u/s. 143(3) of the Act o...