Section 68 Unsecured Loan Additions deleted: Identity, Creditworthiness & Genuineness Proven

Rani Sati Surajgarhia Infrastructure Ltd Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi Bench has allowed the appeal filed by Rani Sati Surajgarhia Infrastructure Ltd., setting aside the additions made by the Assessing Officer (AO) and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)] under Section 68 of the Income-tax Act, 1961. The case involved unsecured loans totaling Rs.1,07,82,932, received from Kamdhenu Buildcon Pvt. Ltd. and Shri Amit Mittal, a director of the assessee company. Background of the Case For Assessment Year 2015-16, Rani Sati Surajgarhia I...