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2019 (2) TMI 615 - ITAT KOLKATAAddition u/s 68 - Unexplained Cash Credit u/s 68 (Unsecured Loan) - Held that:- Identity, creditworthiness and genuineness of the transactions have been proved. In the case of M/s Angad Chemicals Ltd., it has total assets of more than 10.17 Crores. Income earned during the year cannot be the only criteria to determine the creditworthiness. Hence, the addition made on the loan given by M/s Angad Chemical Pvt. Ltd., is hereby deleted. In the case of Contship Commodities (P) Ltd. – the total Net assets are worth of ₹ 22.46 Crores. This proves the genuineness of the transaction and both the identity and the creditworthiness of the creditors are proved. In the case of Mindtrack Ventures (P) Ltd the total Net assets are worth of ₹ 15.32 Crores. This proves the genuineness of the transaction and both the identity and the creditworthiness of the creditors are proved. In the case of Subhlabh Fiscal Services (P) Ltd. the total Net assets are worth of ₹ 88.81 Crores. This proves the genuineness of the transaction and both the identity and the creditworthiness of the creditors are proved. Thus, the additions made on loans borrowed from all the above entities, are hereby deleted. Loans borrowed from M/s. SNV Enterprises and M/s B R Trading Co. though, the assessee has furnished certain details in support of its claim as notices could not be served on these creditors by the Assessing Officer due to the reason that, he did not have the latest address, we deem it fit and proper to remand this issue to the file of the Assessing Officer for fresh adjudication, in accordance with law. - decided in favour of assessee partly.
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