ITAT Rajkot directs AO to verify genuineness of transaction for addition towards unsecured loan

Comet Granito Pvt. Ltd. Vs DCIT (ITAT Rajkot) ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act to verify the genuineness of the transaction and creditworthiness of the party in case of addition towards unsecured loan u/s. 68. Facts- The appellant is a closely held private limited company engaged in the business of ceramic vitrified tiles and parking tiles. During the year, the assessee has unsecured loan of Rs.1,82,10,891/- has been taken from ten parties. As per AO, the genuineness of the transaction creditworthin...