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 unexplained cash credit as the assessee has proved identity, creditworthiness and genuineness of these loans. Conclusion- The Hon’ble...