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2020 (10) TMI 405 - AT - Income TaxAddition u/s 68 - creditworthiness of the creditors and genuineness of the transaction proved or not? - HELD THAT:- A.O. did not make any adequate enquiry on the documentary evidences filed by the assessee-company clearly established that assessee-company proved identity of the creditors, their creditworthiness and the genuineness of the transaction in the matter. Merely low income declared in the return of income by the creditors is no ground to reject the explanation of the assessee-company because their creditworthiness is in several crores as is already admitted by the A.O. in the assessment order. We set aside the orders of the authorities below and delete the entire addition. - Decided in favour of assessee.
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