Addition u/s 68 unsustainable as identity as well as creditworthiness proved

Poddar Realtors Vs ITO (ITAT Kolkata)

ITAT Kolkata held that addition under section 68 of the Income Tax Act unsustainable as identity of loan creditor proved along with creditworthiness of the transaction.

Facts- The return of the assessee was processed u/s. 143(1) of the Act. Subsequently, the case of the assessee was reopened by issue of notice u/s 148 of the Act. In the assessment order, the AO observed that his office was in receipt of information that on examination

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