ITAT Delhi Remands Loan Addition Case to AO for Fresh Review of Assessee’s Creditworthiness

ITO Vs Titan Projects Pvt. Ltd (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) in Delhi addressed an appeal filed by the revenue against an order by the Commissioner of Income Tax (Appeals) (CIT(A)). The dispute centered on an addition of Rs. 32,11,00,000 made by the Assessing Officer (AO) under Section 68 of the Income-tax Act, concerning unsecured loans received by Titan Projects Pvt. Ltd. The AO had questioned the genuineness and creditworthiness of four companies that provided these loans, which were used for land purchases in New Delhi. Despite the assessee providing confirmations a...