Unsecured Loan Additions Upheld – ITAT Dismisses Appeal for Failure to Prove Creditworthiness Genuineness

Vallonne Vineyards Private Limited Vs CIT (ITAT Mumbai) Unsecured Loan Additions Upheld – ITAT Dismisses Appeal for Failure to Prove Creditworthiness Genuineness ITAT Mumbai dismissed the assessee’s appeal and upheld additions u/s 68 & 69C, holding that the assessee failed to discharge the primary onus of proving identity, creditworthiness & genuineness of transactions. In this case, the assessee had shown unsecured loans of over ₹1.07 crore and claimed sales promotion expenses, which were disallowed by the AO. The CIT(A) upheld the additions on the ground that necessary supp...