Case Law Details
Case Name : South Shourne Corporation (India) Vs ACIT (ITAT Ahmadabad)
Related Assessment Year : 2004-2005
Courts :
All ITAT ITAT Ahmedabad
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South Shourne Corporation (India) Vs ACIT (ITAT Ahmadabad)
Section 68 addition on basis of handwritten confirmation letters by lenders was not justified in case assessee proved identity, creditworthiness and genuineness.
Conclusion: AO was not justified in making addition under section 68 where assessee had furnished evidences such as PAN and copies of bank statements of lenders which proved identity and creditworthiness of lenders and genuineness of impug
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