No addition of receipt of unsecured loans if identity, creditworthiness & genuineness of same proved

ACIT Vs M/s. H.K. Pujara Builders (ITAT Mumbai) Conclusion: Since the receipt of loans, repayment and payment of interest thereon had been made through regular banking channels from account payee cheques  and no deficiencies whatsoever were found in the documentary evidences submitted by assessee, therefore, no addition of loan amount could be made under section 68 merely relying on the statement of an alleged entry operator where identity, creditworthiness of the lender and genuineness of transaction was proved. Held: During the course of serach, Ao relied on the statement recorded from Shri...