Addition of unexplained cash credit unsustainable as genuineness and creditworthiness proved

Birla Transasia Carpets Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as genuineness of transaction and creditworthiness of lender duly proved. Facts- The only effective issue to be decided in this appeal is as to whether the addition u/s 68 of the Act in respect of unsecured loans received by the assessee could be made in the facts and circumstances of the instant case. Notably, AO proceeded to treat the unsecured loan received from parties totaling to Rs.3,50,15,937/- as unexplained cash credit u/s ...