Section 68 Addition Deleted for Want of Cross-Examination; Three Ingredients Proved – ITAT Kolkata

DCIT Vs Parvati Resources Pvt. Ltd. (ITAT Kolkata) Sec 68 Addition Deleted – Identity, Creditworthiness Genuineness Proved – Reliance on Third-Party Info Without Cross-Examination Invalid – ITAT Kolkata ITAT Kolkata upheld CIT(A)’s order deleting addition of ₹1.85 Cr u/s 68 towards unsecured loan, holding that assessee had furnished complete documentary evidence including PAN, confirmations, bank statements and financials proving identity, creditworthiness & genuineness of lender group company. Tribunal observed that AO wrongly treated lender as shell company and relied on third-...