HC Upholds addition for paper company loan as Assessee Fails to Prove Genuineness

Meenakshi Gupta Vs ITO (Delhi High Court) Delhi High Court has dismissed an appeal filed by Meenakshi Gupta (assessee), upholding the Income Tax Appellate Tribunal’s (ITAT) decision to confirm the addition of ₹25 lakhs to her income as an unexplained credit for the Assessment Year 2012-13. The court found that the assessee failed to establish the genuineness of the transaction and the creditworthiness of the loan-providing entity, M/s Oxygen Projects Pvt. Ltd. The case originated when the Assessing Officer (AO) reopened the assessment for AY 2012-13 by issuing a notice under Section 14...