Addition u/s 68 unsustainable as credit worthiness and genuineness of loan established

Sandeep Garg Vs DCIT (ITAT Delhi)

Held that assessee established identity of the creditors by bringing on record their PANs and complete addresses of the creditors. Hence addition u/s 68, without bringing out any adverse or cogent material to dispute the credit worthiness of the creditors and genuineness of the transactions, is unsustainable

Facts-

The assessee contented that CIT(A) has erred in confirming addition of Rs. 14,25,000 in unsecured loan u/s 68 for unexp

Please become a Premium member. If you are already a Premium member, login here to access the full content.