Addition u/s 68 unsustainable as genuineness, identity & creditworthiness of creditors proved

Vachitra Builders Pvt Ltd Vs ITO ( ITAT Delhi) ITAT Delhi held that addition towards unexplained credits under section 68 of the Income Tax Act unsustainable as genuineness, identity and creditworthiness of the creditors proved. Facts- The assessee company engaged in the business of civil construction filed its return of income on 27.09.2015 for the assessment year 2015-16 declaring loss of Rs.46,247/-. The assessment was completed u/s. 143(3) of the Act on 12.12.2017 determining the income of the assessee at Rs.4,62,53,753/- by making an addition of Rs.4,63,00,000/- u/s. 68 of the Act. Notabl...