Section 68 addition by AO without enquiring with AO of Loan Creditor is not justified

GM Overseas Vs ACIT (ITAT Delhi) Assessee, during the course of assessment proceedings has filed various documents substantiating the identity and credit worthiness of the loan creditor and genuineness of the transaction. The assessee has accepted the loan amount of Rs. 4 crores in two tranches i.e., Rs.2,50,00,000/- and Rs.1,50,00,000/- on 05.01.2010 and 11.01.2011 respectively and repaid the entire loan on 18.01.2010 by paying interest of Rs.1,79,166/- after deducting TDS of Rs.17,917/- u/s 194A of the Act. The assessee had filed the confirmation of loan of ISRPL, Copy of the ITR of the abov...