Addition u/s 68 invalid if Transaction genuineness & Creditors identity/creditworthiness proved

KMG International Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that addition under section 68 towards unsecured loan amount unjustified as identity and creditworthiness of creditors and genuineness of transaction duly proved by way of documentary evidences.

Facts- The assessee submitted that the ld CIT(A) erred in law and on facts in confirming the disallowance of Rs. 31,55,000/- u/s 68 for the amounts received as loans from Mrs. Vinita Surana Rs. 4,00,000/-, Mrs. Dhani Devi S

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