Deletion of additions u/s 68 was justified as assessee proved creditworthiness of lenders

PCIT Vs Wel Intertrade Pvt. Ltd (Delhi High Court) Delhi High Court upholds ITAT’s decision, affirming that a taxpayer discharged the burden of proof for cash credits and that business center income is business income.The Delhi High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Wel Intertrade Pvt. Ltd., affirming the Income Tax Appellate Tribunal’s (ITAT) decision regarding several key tax issues for Assessment Year 2011-12. The Revenue’s appeal sought to challenge the ITAT’s order on five proposed questions of law, inclu...