ITAT Deletes Section 68 Addition: Assessee Proves Identity, Genuineness & Creditworthiness

Annuva Infrastructure Pvt. Ltd. Vs ITO (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, in the case of Annuva Infrastructure Pvt. Ltd. Vs. ITO, allowed the assessee’s appeal, deleting an addition of ₹15 lakh made under Section 68 of the Income-tax Act, 1961, regarding unexplained cash credits. Background and Issue The assessee, Annuva Infrastructure Pvt. Ltd., filed its return for the Assessment Year (A.Y.) 2011-12 declaring a loss. The case was subsequently reopened under Section 147 after a search conducted on Mr. Shirish C. Shah revealed that he was allegedly in...