The ITAT held that under section 68, the identity, ...

Addition u/s 68 disallowed due to lack of creditor identity & creditworthiness. Additional evidence allowed. Case restored to AO for fresh consideration.

June 7, 2024

Case Laws Income Tax AT

The ITAT held that under section 68, the identity, creditworthiness, and genuineness of transactions must be established. Additional evidence can be admitted if parties are aware. The case is remanded to the AO for assessee to provide evidence within 60 days. Rule 30 of Appellate Tribunal Rules, 1963 applies. The appeal grounds allowed for statistical purposes.

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The ITAT held that under section 68, the identity, ...

Addition u/s 68 disallowed due to lack of creditor identity & creditworthiness. Additional evidence allowed. Case restored to AO for fresh consideration.

June 7, 2024

Case Laws Income Tax AT

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