Non-Consideration of Investor Identity & Creditworthiness Evidences: Addition deleted

Prompt Barter Private Limited Vs ITO (ITAT Kolkata)

Introduction: In a recent case involving Prompt Barter Private Limited versus the Income Tax Officer (ITO) at the Income Tax Appellate Tribunal (ITAT) in Kolkata, a significant decision was made regarding the addition of income tax. The primary issue revolved around the consideration of evidence to establish the identity and creditworthiness of investors, as well as the genuineness of the transaction. The ITAT directed the AO to delete the income tax addition, and in this article, we w

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