Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors: ITAT deletes Income Tax Addition of 1.17Cr u/s 68 [Read Order]

The assessee has discharged the burden to prove the “nature and source’’ of the credit entries of Rs.1.17 Crs

By Aiswarya Krishnadas - On June 11, 2024 1:39 pm - 3 mins read

ITAT - Income Tax - Income Tax Addition - Taxpayer - ITAT mumbai - Section 68 of the Income Tax Act - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.17 crore under Section 68 of the Income Tax Act, 1961 as the taxpayer had discharged the burden to prove the identity, creditworthiness, and genuineness of the loan creditors. The assessee Arjun Manoj Purohit was engaged in construction activities,…

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