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Unsecured loan addition deleted since identity, creditworthiness and genuineness proved
Case Law Details
- Case Name
- DCIT Vs Samarth Lifestyle Retailing Pvt. Ltd. (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Jaipur
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DCIT Vs Samarth Lifestyle Retailing Pvt. Ltd. (ITAT Jaipur)
ITAT Jaipur held that addition towards unsecured loan cannot be sustained since identity of lenders, creditworthiness of parties and genuineness of loan transaction duly proved. Accordingly, CIT(A) order upheld and appeal of revenue dismissed.
Facts- AO observed that the assessee has deposited huge cash to the tune of Rs. 43,29,46,364/- into the current account. Post considering the reply from assessee, AO made addition of Rs. 24,03,02,520/- on account of cash deposit under section 68 of the Income Tax Act. CIT(A) de...
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