Addition u/s 68 unsustainable as identity, genuineness and creditworthiness of parties proved

ITO Vs Neminath Homes Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties.

Facts- On this issue, while completing the assessment, the AO perused the audited P & L account and observed that the appellant had paid the interest on loans of Rs.l,03,78,696/- and had disclosed

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