Section 68 Addition deleted due to Established Identity, Creditworthiness & Genuineness

ACIT Vs Lord Shiva Construction Co. Pvt. Ltd. (ITAT Delhi) The Revenue filed an appeal against the order dated 16.01.2025 passed by the Commissioner of Income Tax (Appeals) in relation to Assessment Year 2018–19, arising from the assessment completed under Section 143(3) read with Section 144B of the Income Tax Act, 1961. The assessee had filed its return declaring total income of ₹1,16,47,586. During scrutiny proceedings, the Assessing Officer made three additions: ₹1,62,00,000 under Section 68 as unexplained loan received from a sister concern, ₹56,66,440 under Section 56(2)(viib) as...