ITAT Orders Fresh Verification After Lack of Evidence on Loan Creditworthiness

Jankey Polymers Vs ITO (ITAT Chandigarh) The appeal concerns additions made under section 68 of the Income-tax Act for Assessment Year 2012–13 in the case of a partnership firm engaged in manufacturing plastic mounded items. The assessee filed a NIL return after claiming deduction under section 80IC. The case was selected for scrutiny, and the Assessing Officer (AO) added ₹40 lakh on the ground that the assessee failed to establish the genuineness, creditworthiness, and identity of four creditors: Balkishan Damani HUF (₹18 lakh), Chunni Lal Kothari HUF (₹7 lakh), Kanhaiyalal Rathor HU...