Genuine Promoter Loan: ITAT Delhi Deletes Unexplained Credit Addition

Mahadev Dairy Pvt. Ltd. Vs ITO (ITAT Delhi) In case of Mahadev Dairy Pvt. Ltd. vs. ITO (ITAT Delhi), the Income Tax Appellate Tribunal (ITAT) Delhi ruled in favor of the assessee by deleting an addition of ₹25 lakh made under Section 68 of the Income-tax Act, 1961, as unexplained cash credit. The dispute arose during the assessment year 2014-15, where the Assessing Officer (AO) had added the amount, citing the assessee’s failure to prove the genuineness and creditworthiness of an unsecured loan received from Sh. Kuldeep Nagar. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld this a...