ITAT Deletes ₹2.5 Cr Loan Addition After AO Failed to Rebut Lender’s Creditworthiness

DCIT Vs Vaishnodevi Buildcon Private Limited (ITAT Kolkata) Suspicion Isn’t Evidence – Documentary Proof Triumphs Over Doubt – ITAT Kolkata Upholds ₹2.5 Cr Loan as Genuine, Deletes Additions u/s 68 & 69C AO reopened the Assessee’s assessment u/s 147 based on information from the Investigation Wing alleging that M/s Shivaangan Merchandise Pvt. Ltd., from which  Assessee had taken an unsecured loan of ₹2.50 crore, was a shell or struck-off company. Despite the Assessee furnishing confirmations, ITRs, audited financials, &  bank statements of the lender along with proof ...