Addition under Section 68 Unjustified Without Falsity in Identity Documents: ITAT Delhi

ACIT Vs Dayal Steel P. Ltd (ITAT Delhi)

ITAT Delhi held that AO is not justified in adding unsecured loan received u/s. 68 as AO has rejected the evidences furnished by the appellant without establishing falsity of the documents. Further, documents duly proved identities and source of investors.

Facts- The case of the assessee was selected for scrutiny under CASS. During the year, the assessee received unsecured loan from 22 individuals and 3 HUF to the tune of Rs. 2,25,40

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