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Case Law Details

Case Name : Sandeep Garg Vs DCIT (ITAT Delhi)
Appeal Number : ITA No. 4491/Del/2017
Date of Judgement/Order : 29/07/2022
Related Assessment Year : 2012-13
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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 unexplained cash credit as the assessee has proved identity, creditworthiness and genuineness of these loans.

Conclusion-

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